The following information pertains to land contributed by Bea Dott for a 20% interest in a new partnership. The partnership had no debt before the contribution of this asset. $42,000 150,000 60,000 Dott's adjusted basis Fair market value Mortgage assumed by partnership How much is Dott's gain on this exchange of property for a partnership interest? The following information pertains to land contributed by Bea Dott for a 20% interest in a new partnership. The partnership had no debt before the contribution of this asset. Dott's adjusted basis Fair market value $42,000 150,000 60,000 Mortgage assumed by partnership How much is Dott's basis for her partnership interest?