Required Information [The following information applles to the questions displayed below) Cosmo contributed land with a fair market value of $515,000 and a tax basis of $96.750 to the Y Mountain partnership in exchange for a 40 percent profits and capital Interest in the partnership. The land is secured by $149,000 of nonrecourse debt. Other than this nonrecourse debt, Y Mountain partnership does not have any debt. (Leave no answer blank. Enter zero if applicable.) a. How much gain will Cosmo recognize from the contribution? Gain recognized Cosmo contributed land with a fair market value of $515,000 and a tax basis of $96,750 to the Y Mountain partnership in exchange for a 40 percent profits and capital interest in the partnership. The land is secured by $149,000 of nonrecourse debt. Other than this nonrecourse debt, Y Mountain partnership does not have any debt. (Leave no answer blank. Enter zero if applicable.) b. What is Cosmo's tax basis in his partnership Interest? Tax basis