Tom and Will each own an equal interest in a general partnership. Tom contributes to the partnership a building that has an adjusted basis of $50,000 and a fair market value of $75,000. The asset is subject to a mortgage of $40,000, which is assumed by the partnership. Will contributes services with a FMV of $35,000. 1. What is the basis of Will immediately after formation? 2. What is the basis of Tom immediately after formation