A$,$ B and C$,$ three individuals, form a general partnership by contributing the following property in exchange for equal $1/3$ interests in the partnership$$s capital, profits, and losses: A contributes land, a capital asset that A acquired several years ago, worth $$100$ in which A has a tax basis of $$40.$ B contributes machinery with a basis of $$25$ and a value of $$60,$ plus $$40$ in cash. B purchased the machinery several years ago for $$75$ and has taken $$50$ of depreciation. C contributes inventory with a value of $$100$ in which C has a basis of $$90.$