Question: In the current year, Bruce formed an equal partnership with Norman. 8. Bruce contributed land with an adjusted basis of $50,000 and a fair market

In the current year, Bruce formed an equal partnership with Norman. 8. Bruce contributed land with an adjusted basis of $50,000 and a fair market value of $60,000. The land contributed by Bruce was encumbered by a $30, recourse debt. Bruce also contributed $40, 000 cash to the partnership. 000 Norman contributed land with an adjusted basis of $15,000 and a fair market value of $80,000. The land contributed by Norman was encumbered by $10,000 of recourse debt. Assume the partners share all debt equally. Immediately after the formation (and before any other transactions occurred) Norman's outside basis =

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