The Happy Endings Partnership transfers a piece of land to Chata, a partner with a 35 percent interest in the partnership. The land has an adjusted cost base of $62,000 and a fair market value of $88,000. What will the effect of this be on the adjusted cost base of Chatas partnership interest?

		A decrease of $62,000.
		A decrease of $78,900.
		A decrease of $83,450.
		A decrease of $88,000.