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What is gerald outside basis immediately

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Question - Gerald received a thirty-three and 1/3 percent capital and profit (loss) interest in XYZ Limited Partnership (LP). In exchange for this interest, Gerald contributed a building with a FMV of $30,000. His adjusted basis in the building was $15,000. In addition, the building was encumbered with a $9,000 mortgage that XYZ, LP assumed at the time the property was contributed. What is Gerald's outside basis immediately after his contribution?

A) $8,970

B) $9,000

C) $21,000

D) $30,000

Reference no: EM133190137

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