Jazz, LLC was formed on August 1, 2021. When the partnership was formed, Jean contributed $10,000 in cash and inventory with a FMV and tax basis of $40,000. In addition, Gillian contributed equipment with a FMV of $30,000 and adjusted basis of $25,000 along with accounts receivable with a FMV and tax basis of $20,000. Also, Chelsea contributed land with a FMV of $70,000 and tax basis of $35,000. Finally, Sarah contributed a machine, secured by $5,000 of debt, with an FMV of $10,000 and a tax basis of $20,000. What is the total inside basis of all the assets contributed to Jazz, LLC? a. $150.000. b. $145,000. c. $155,000. d. $180,000. e. $185.000. f.$175,000.

Please show the solutions.