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What is gerald outside basis immediately after contribution

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Problem 1: Gerald received a one-third capital and profit (loss) interest in XYZ Limited Partnership (LP). In exchange for this interest, Gerald contributed a building with a FMV of $22,000. His adjusted basis in the building was $11,000. In addition, the building was encumbered with a $6,600 nonrecourse mortgage that XYZ, LP assumed at the time the property was contributed. What is Gerald's outside basis immediately after his contribution?

Option 1: $4,400.
Option 2: Incorrect
Option 3: $15,400.
Option 4: $17,600.
Option 5: $6,600.

Reference no: EM132990482

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