On January 2, 2016, Ralph contributed a plot of land to the Tom and Ralph Partnership. Ralph's adjusted basis for this land was $50,000, and its fair market value was $75,000. Under the partnership agreement, Ralph's capital account was credited with the full fair market value of the land. Tom matched Ralp's contribution with a $75,000 cash contribution to the partnership. Thus, each partner's capital account was credited with $75,000. Tom and Ralph share profits and losses equally. What is the adjusted basis of the partnership in the property it received from Ralph? a. $25,000 b. $37,500 c. $50,000 d. $75,000