QUESTION 36 Nelms formed an equal profit and loss Partnership with Murtay by contributing Land that had an Adjusted Basis of $25,000 and a Fair Market Value of $35.000. Nelms also contributed 515,000 in Cash to the Partnership Murray contributed Land that had an Adjusted Basis of $8.000 and a Fair Market Value of $53,000 The Land contributed by Nelms had a debt against it of $14,000 and the Land contributed by Murray had a debt against it of $17.000 Assuming no other transactions, the basis of Murray's Partnership Interest immediately after the Partnership formation was $6,500 $16,500 $9,500 $ 8.000