Jack and Julie are forming J&J Partnership. Jack contributes $250,000 cash and Julie contributes real estate with an adjusted basis of $180,000 and a fair market value of $300,000. The real estate is subject to a $50,000 qualified nonrecourse liability (a mortgage). The liability is assumed by J&J and is shared equally by the partners for basis purposes. Jack and Julie share equally in all partnership profits and losses except for any precontribution gains, which must be allocated according to the statutory rules for built-in gain allocations.

1. What is Jacks and Julies adjusted tax basis for their partnership interest immediately after the partnership is formed?

2. If the partnership sells the land contributed by Julie for $330,000, what is the tax gain allocated to each partner?