Jed Castanza transfers $90,000 of cash to the JN partnership for a 60 percent interest in the JN partnership. Ned transfers a building with an adjusted basis of $30,000 and a fair market value of $100,000, subject to a debt of $40,000 that the partnership assumes, in exchange for a 40 percent interest in the JN partnership. Determine each partner s adjusted basis in his partnership interest. Does either partner recognize any gain on the transfer to the partnership? What is JNs basis in the assets?