Reference no: EM133081289

Question - On January 1, 2021, Tara, Lauren, and Christen form a business, Hawks, as a general partnership. They contribute the following to the partnership:

Tara contributes land with a fair market value of $210,000 and basis of $90,000. In return, she receives a 40% profits and capital interest. This land is subject to a non-recourse loan of $110,000, which Hawks assumes.

Lauren contributes $40,000 in cash and equipment with a fair market value of $90,000 and basis of $40,000. In return, she receives a 40% profits and capital interest.

Christen contributes her legal services with a liquidation value of $30,000 of which she receives a capital interest, Christen also receives a 20% profits Interest.

Note: To indicate a loss, place a minus sign ("-") before amounts. For example, a 200000 loss should be entered as "-200000"

What is Tara's initial, Lauren's initial and Christen's initial outside basis in Hawks?