QUESTION 35 Lenise formed an equal Partnership with Shirley by contributing Land with an Adjusted Basis of $25,000 and a Fair Market Value of $35.000. Lenise also contributed $15.000 Cash to the Partnership Shirley contributed Land with an Adjusted Basis of $11,000 and a Fair Market Value of $45.000 The Land contributed by Lenise had a Recourse Debt of $10.000 and the Land contributed by Shirley had a Recourse Debt of $14,000 Immediately after the formation of the Partnership, Lenise's basis in her Partnership Interest was $40.000 $35,000 $47.000 $42 000