Use these facts to answers questions 30 - 31: Al and Nancy form a partnership. Both Al and Nancy are general partners. Each takes a 50% interest in profits. Nancy contributes land on which Nancy owes (to the bank) $12,000. The partnership assumes this debt. Nancy's basis in the land on the date of partnership formation is $15,000 and the land's fair market value on the date of partnership formation is $20,000. Compute Nancy's initial basis in her partnership interest (i.e., as of the formation date). a. $3,000. b. $21,000. c. $9,000. d. none of the above. QUESTION 31 Compute the partnership's basis in the land as of the formation date. a. $20,000. b. $15,000. c. $9,000. d. none of the above