[The following information applies to the questions displayed below.] Cosmo contributed land with a fair market value of $312,500 and a tax basis of $107,250 to the Y Mountain partnership in exchange for a 30 percent profits and capital interest in the partnership. The land is secured by $208,000 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?

b. What is Cosmos tax basis in his partnership interest?