Larry and Jessica form the L&J Prtnership. Larry contributes property with an adjusted basis of $70,000, a fair market value of $200,000, and subject to a liability of $80,000 in exchange for a 40 percent interest in the partnership. Jessica receives a 60 percent interest in the partnership in exchange for services performed for the partnership, valued at $10,000, and cash of $170,000. a. What is Larry's basis in his partnership interest immediately after the formation of the partnership? b.What is Jessica's basis (after considering Larry's liability assumed by the partnership) in her partnership interest immediately after the formation of the partnership??