Tom and Hank have decided to create a partnership, and both individuals will be contributing assets to the partnership. Tom has contributed cash of $300,000, equipment with a fair market value of $70,000, and a property worth $200,000, but that is encumbered by a mortgage of $300,000. The partnership will assume the mortgage. Tom has heard the terms of inside basis and outside basis. Analyze and discuss what the inside and outside basis would be for Tom.