On June 15, 2020, Moe, Curly, and Larry formed Three Stooges General Partnership. When it was formed, each of the partners received a one-third profits and capital interests, and the following items were contributed by Larry: Cash of $10.000 Equipment with a FMV of $50,000 and a tax basis of $30,000 Larry also contributed a $40,000 nonrecourse note payable secured by the equipment. What is Larry's initial basis in his partnership interest