R AND Q FORM A NEW PARTNERSHIP TO INVEST IN REAL ESTATE. R CONTRIBUTES PROPERTY WITH A TAX BASIS OF $ 750,000.00 AND FMV OF $ 1,200.00 IN EXCHANGE FOR A 50% INTEREST IN PARTNERSHIP CAPITAL AND PROFITS. THE PROPERTY IS ENCUMBERED BY A $ 700.00 MORTGAGE FOR WHICH THE PARTNERSHIP ASSUMES LIABILITY FOR. Q CONTRIBUTES PROPERTY WITH A TAX BASIS OF $ 300.00 AND FMN/ OF $ 600.00 IN EXCHANGE FOR THE REMAINING 50% INTEREST IN CAPITAL AND PROFITS. THE PROPERTY CONTRIBUTED BY Q IS ENCUMBERED BY A $ 100.00 LIABILITY. DETERMINE PARTNER R INITIAL TAX BASIS IN PARTNERSHIP INTEREST ? DETERMINE PARTNER Q INITIAL TAX BASIS IN PARTNERSHIP INTEREST ?