A and B form the AB equal general partnership. A contributes ($10,000) cash and a depreciable asset

Question:

A and B form the AB equal general partnership. A contributes $$10,000$ cash and a depreciable asset with an adjusted basis of $$40,000$ and a fair market value of $$90,000.$ B contributes $$50,000$ cash and a parcel of land with an adjusted basis of $$70,000$ and a fair market value of $$50,000$.

(a) What are A and B’s outside bases?

(b) What is the balance in A’s and B’s capital accounts at formation?

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