Mantle, Snider and Mays are to be equal (1/3) general partners in the MSM partnership. Mantle transferred land with an adjusted basis of $210,000 and a FMV of $360,000 to the partnership. Snider and Mays each transferred cash of $300,000 to the partnership. A few days after the formation of the MSM partnership, Mantle receives a $60,000 cash distribution from the partnership.

1. What is the amount of gain, if any, that Mantle must recognize as a consequence of the above transactions?
2. What is MSM's inside basis in the land?
3. What is Mantle's outside basis in his partnership interest?