In the Current Year, Stephanie Formed an Equal Partnership with Jane.Stephanie

Multiple Choice

In the current year, Stephanie formed an equal partnership with Jane.Stephanie contributed land with an adjusted basis of $250,000 and a fair market value of $350,000.Stephanie also contributed $100,000 cash to the partnership.Jane contributed land with an adjusted basis of $150,000 and a fair market value of $200,000.The land contributed by Stephanie was encumbered by a $250,000 nonrecourse debt.Assume the partners share debt equally.Immediately after the formation, the basis of Stephanie's partnership interest is:

A) $0.
B) $225,000.
C) $300,000.
D) $325,000.
E) None of the above.