PROBLEM G 15 POINTS R AND Q FORM A NEW PARTNERSHIP TO INVEST IN REAL ESTATE. R CONTRIBUTES PROPERTY WITH A TAX BASIS OF $750,000.00 AND FMV OF $1,200.00 IN EXCHANGE FOR A SO\% INTEREST IN PARTNERSHIP CAPITAL AND PROFITS. THE PROPERTY IS ENCUMBERED BY A $700.00 MORTGAGE FOR WHICH THE PARTNERSHIP ASSUMES LIABILITY FOR. Q CONTRIBUTES PROPERTY WITH A TAX BASIS OF $300.00 AND FMV OF $600.00 IN EXCHANGE. FOR THE REMAINING 50% INTEREST IN CAPITAL AND PROFITS. THE PROPERTY CONTRIBUTED BY Q IS ENCUMBERED BY A $100.00 LIABILITY. DETERMINE PARTNER R INITIAL TAX BASIS IN PARTNERSHIP INTEREST? DETERMINE PARTNER Q INITIAL TAX BASIS IN PARTNERSHIP INTEREST