K is joining the HIJ, Ltd. partnership. After K joins the partnership, each partner will own an equal 25% share of the assets of the partnership. In exchange for K's partnership, they contribute the following assets in Year 1:

Asset	Adjusted Tax Basis	FMV	Encumbrance
Cash	20,000	20,000	-
Land	100,000	250,000	-

In Year 2, G contributes more assets to the partnership as shown below:

Asset	Adjusted Tax Basis	FMV	Encumbrance
Equipment	10,000	25,000	40,000

The partnership will assume the encumbrance on the contributed equipment.

(Answer)

In Year 1, what is the partnership's total tax basis in all contributed property immediately after the contribution?

In Year 1, what is K's tax basis in their partnership interest immediately after this contribution?

In Year 2, what is the net relief of liability to K