Mel transferred property used in a sole proprietorship to the HIJ partnership in exchange for a one-fourth interest. The property had an original cost of $60,000, an adjusted tax basis to Mel of $40,000, and a fair market value of $55,000. The partnership has no liabilities.

2. Katie received a 20% capital interest in Cruise Associates, a partnership, in return for services rendered, plus a contribution of assets with a basis to Katie of $100,000 and a fair market value of $125,000. The fair market value of Katie's 20% capital interest was $155,000.

3. Bob acquired a 40% interest in House Partnership by contributing property with an adjusted basis of $88,000 and a fair market value of $121,000, subject to a mortgage of $55,000.

4. Charlene contributed land with a $15,000 basis and an $18,000 FMV to the REG Partnership in 2019. In 2020, the land was distributed to Jackie, another partner in the partnership. At the time of the distribution, the land had a $20,000 fair market value, and Jackie had a $30,000 basis for her partnership interest.

   

Calculate the partner's basis in his/her partnership interest.