Landing Corporation and Mr. West formed a general partnership, Landing contributed $500,000 cash, and Mr. West contributed a building with a $500,000 FMV and $300,000 tax basis. The partnership immediately borrowed $700,000 of recourse debt. What is Landing's tax basis in its partnership interest? Select one: a $500,000 b. $1,200,000 c. $850,000 d. $650,000