Christian and Mia form the CM Partnership, each receiving a 50% capital interest. Christian contributed property worth

Question:

Christian and Mia form the CM each receiving a 50% capital interest. Christian contributed property worth $200,000 (adjusted basis of $230,000), while Mia contributed property worth $210,000 (subject to a mortgage of $10,000 that is assumed by CM) with an adjusted basis of $150,000.
a. How much gain (or loss) do the parties recognize?
b. What is Mia's basis in her interest?
Partnership
A legal form of business operation between two or more individuals who share management and profits. A Written agreement between two or more individuals who join as partners to form and carry on a for-profit business. Among other things, it states...