Kele and Nova wish to form the Sioux Partnership. Kele contributes property with an adjusted basis of $70,000, a fair market value of $200,000 that is subject to an $80,000 liability in exchange for 40 percent of Sioux. Nova receives a 60 percent interest in Sioux in exchange for providing services worth $10,000 and $170,000 cash.

b. What is Kele's basis in the partnership interest immediately after the formation of the partnership including allocation of partnership liabilities?