Dev and Mia form the CM Partnership, each receiving a 50% capital interest. Dev contributed property worth $200,000 (adjusted basis of $230,000), while Mia contributed property worth $210,000 (subject to a mortgage of $20,000 that is assumed by CM) with an adjusted basis of $150,000.

a. How much gain (or loss) do the parties recognize?

b. What is Mia’s basis in her partnership interest?