Lind and Post organized Ace Corp., which issued voting common stock with a fair market value of $120,000. They each transferred property in exchange for stock as follows:

	Property	Adjusted basis	Fair market value	Percentage of Ace stock acquired
Lind	Building	$40,000	$82,000	60%
Post	Land	$5,000	$48,000	40%

The building was subject to a $10,000 mortgage that was assumed by Ace. For purposes of computing Ace basis in the building, does the fair market value of 120,000 have any affect on the calculation?