Jones and Smith formed a partnership with each partner contributing the following items: Jones Smith

Cash $ 80,000 $40,000

Building- Cost to jones 300,000

-FV 400,000

Inventory -cost to smith 200,000

-FV 280,000

Mortgage payable 120,000

Accounts payable 60,000

Refer to the above information. What is each partner's tax basis in the Jones and Smith partnership?

What is the balance in each partner's capital account for financial accounting purposes?