Question In 2021, Monica, Joey, and Ross formed Friends Partnership as equal 1/3 partners. When Friends Partnership was formed, Monica and Joey each contributed $150,000 cash. Ross contributed $10,000 cash and a studio with a fair market value of $200,000 and an adjusted basis of $60,000 to Friends. The studio was encumbered by a $90,000 non-recourse mortgage. Friends also has $80,000 in bank debt, which is recourse debt personally guaranteed by Monica and Joey. What are the tax bases of Monica, Joey, and Ross upon formation?