Situation During 2016, Adams, a general contractor, Brinks, an architect, and Carson, an interior decorator, formed the Dex Home Improvement General Partnership by contributing the assets below. Asset Adjusted basis Fair market value % of partner share in capital, profits & losses Adams Cash $40,000 $40,000 50% Brinks Land $12,000 $21,000 20% Carson Inventory $24,000 $24,000 30% The land was a capital asset to Brinks, subject to a $5,000 mortgage, which was assumed by the partnership. For items 1 and 2, determine and select the initial basis of the partner's interest in Dex.