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Partnership Taxation Formation and Basis ( for reference, see practice question 4 2 5 on page 6 9 and related answer and explanation on page

Partnership Taxation Formation and Basis (for reference, see practice question 425 on page 69 and related answer and explanation on page 125): Baker contributed land with a basis of $50,000 and a fair market value of $90,000 to the Electric Partnership. He also contributed services with a value of $30,000. In return, he received a partnership interest in Electric with a value of $120,000.
What is Baker's basis in his partnership interest?
a. $50,000
b. $80,000
C. $120,000
d. $90,000
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