Partnership Taxation Formation and Basis $($for reference, see practice question $425$ on page $69$ and related answer and explanation on page $125)$: Baker contributed land with a basis of $$50,000$ and a fair market value of $$90,000$ to the Electric Partnership. He also contributed services with a value of $$30,000.$ In return, he received a partnership interest in Electric with a value of $$120,000.$

What is Baker's basis in his partnership interest?

a$.$ $$50,000$

b$.$ $$80,000$

C$.$ $$120,000$

d$.$ $$90,000$