My problem is this:"Cosmo contributed land with a fair market value of $342,500 and a tax basis of $114,000 to the Y Mountain partnership in exchange for a 25 percent profits and capital interest in the partnership. The land is secured by $171,000 of nonrecourse debt. Other than this nonrecourse debt, Y Mountain partnership does not have any debt." In the examples on here no one was in excess of their tax basis. Now if the debt is in excess of it's tax basis, would I add 25% of the 171,000 to 114,000? If not, can you explain what i should do.