. On January 1 of this year, Cynthia and Marin formed a General Partnership with the following contributions:

Cynthia Basis FMV

Cash $ 450,000 $ 450,000

Marin

Equipment $ 30,000 $ 50,000

Land 200,000 500,000

Liability (Recourse) (100,000) (100,000)

The profit sharing ratios are Cynthia 70% and Marin 30% while the loss sharing ratios are Marin 60% and Cynthia 40%. Capital is owned 50% each. The land was contributed subject to a recourse liability.

a. What is Cynthias basis in the partnership on the date of the contributions?

b. What is Marins basis in the partnership on the date of the contributions?

c. What is the partnerships basis in the Cash, Equipment, and Land?