Zafra and Stephanie formed an equal profit- sharing O&S Partnership during the current year, with Zafra contributing $100,000 in cash and Stephanie contributing land (basis of $60,000, fair market value of $40,000) and equipment (basis of $0, fair market value of $60,000). What is Stephanies outside basis in the O&S partnership interest? Does any partner recognize gain/loss on this transaction? Please explain in detail giving reasons.