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Question 29 loh will save this response. 4 points Save Answer (4 points) On January 1, Ryan and James decided to open a Peruvian chicken restaurant (yum!). Ryan contributed the building and land for the restaurant that had a fair market value of $160,000 and adjusted tax basis of $150,000 for a 50 percent profits interest and capital interest. Ryan had a $60,000 business loan. James contributed $50,000 of cash for a 50 percent profits interest and capital interest. The new partnership relieves Ryan by taking on the loan. Should the partnership fail to pay the loan, the creditor is only able to claim potential future profits of the company but cannot go after the personal assets of either partner. The company uses a calendar year tax period. In the above scenario, what is the partnership's inside basis on the restaurant and cash contributed? OI. Restaurant: $90,000. Cash: $50,000. O II. Restaurant: $160,000. Cash: $50,000. O III. None of the answers given here. O IV. Restaurant: $150,000. Cash: $50,000. OV. Restaurant: $100,000. Cash: $50,000. Question 29 of 41