Tom and Hank have decided to create a partnership, and both individuals will be contributing assets to the partnership. Tom has contributed cash of $100,000, equipment with a fair market value of $50,000, and a property worth $200,000, but that is encumbered by a mortgage of $100,000. The partnership will assume the mortgage. Tom has heard the terms of inside basis and outside basis. Please analyze and discuss what the inside and outside basis would be for Tom.