Raymond was admitted to an existing partnership by contributing cash of $$50,000$ and property with a fair market value of $$120,000$ in exchange for his $25-$percent partnership

interest. The property had an adjusted basis of $$40,000$ and was subject to a mortgage of $$30,000.$ What is Raymond's basis in his partnership interest?

a$.$ $$67,500$

b$.$ $$90,000$

C$.$ $$60,000$

d$.$ $$120,000$