Rachel and Barry Formed the Equal RB Partnership During the Current

Rachel and Barry formed the equal RB Partnership during the current year,with Rachel contributing $100,000 in cash and Barry contributing land (basis of $60,000,fair market value of $80,000)and equipment (basis of $0,fair market value of $20,000).Barry recognizes a $40,000 gain on the contribution and his basis in his partnership interest is $100,000.