Question: Bob Barker contributed land with an adjusted basis to Bob of $50,000 and a fair market value of $100,000 subject to a recourse mortgage of

Bob Barker contributed land with an adjusted basis to Bob of $50,000 and a fair market value of $100,000 subject to a recourse mortgage of $30,000 in exchange for a one-third interest in the Alpha Partnership. Alpha will assume the mortgage on the land. What is Bob's basis for his partnership interest?

Question options:

a. $0

b. $20,000

c. $30,000

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