Question: In the current year, Greg formed an equal partnership with Melvin. Greg contributed land with an adjusted basis of $90,000 and a fair market value

In the current year, Greg formed an equal partnership with Melvin. Greg contributed land with an adjusted basis of $90,000 and a fair market value of $150,000. Greg also contributed $75,000 cash to the partnership. Melvin contributed land with an adjusted basis of $100,000 and a fair market value of $200,000. The land contributed by Greg was encumbered by a $50,000 recourse debt. The land contributed by Melvin was encumbered by $25,000 of recourse debt. Assume the partners share debt equally. Immediately after the formation, the basis of Melvins partnership interest is:

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