2. Guillermo, a partner in M & M Group, transferred a beach apartment valued at $180,000 subject to a lien of $40,000 in exchange for interests in the partnership. In Guillermo's hands the adjusted basis of the property is $80,000. The company decided to assume the debt.
   As an M&M consultant, you are required to:
   What is the gain recognized by Guillermo?
   What is the adjusted basis of William's interest in the partnership?
   What is the adjusted basis of the property for the partnership?
3.