Martha Transferred Property with a FMV of $60,000 (Adjusted Basis

Multiple Choice

Martha transferred property with a FMV of $60,000 (adjusted basis $30,000) ,which is subject to a $40,000 mortgage in exchange for a one-third interest in a partnership.The partnership has no other liabilities.The partners of MNO own the partnership equally.The partnership's basis in the property contributed is

A) $0.
B) $40,000.
C) $30,000.
D) $60,000.