Moe, Larry, and Curly form a partnership with each partner having an equal share in profits and losses. Moe and Curly each contribute $50,000 in cash to the partnership. Larry contributes a piece of land valued at $170,000. The land has a basis of $125,000 and is encumbered by a $120,000 mortgage

(non-recourse debt).What basis does each of the partners have in their partnership interest immediately after the contribution of money and land to the partnership?

AppendixLO1