Antoine, Xavier, and Fred form Shockers, LLC.  Antoine contributes Whiteacre (FMV = 500,000; basis = 200,000; subject to non-recourse debt of $300,000).  Xavier contributes equipment (FMV = 300,000; basis = 50,000; subject to non-recourse debt of 100,000).  Fred contributes 200,000 cash.  Determine each partner’s outside basis and complete the partnership’s books on formation. Assets Book  Tax Liabilities Book Tax                               Capital           Antoine           Xavier           Fred       Debt Allocation:              Outside Basis: