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please find the correct answer with explanation. i really don't kno

please find the correct answer with explanation. i really don't kno

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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please find the correct answer with explanation. i really don't know this . 

Johnson contributes property to a partnership with a $400,000 value and a $300,000 basis for a 10% interest in the partnership. One month after the contribution, the partnership borrows $300,000 and distributes $230,000 of this amount to Johnson. Johnson is assigned a $30,000 share of this partnership liability. What is the partnership's basis in the property contributed by Johnson?
Transcribed Image Text:Johnson contributes property to a partnership with a $400,000 value and a $300,000 basis for a 10% interest in the partnership. One month after the contribution, the partnership borrows $300,000 and distributes $230,000 of this amount to Johnson. Johnson is assigned a $30,000 share of this partnership liability. What is the partnership's basis in the property contributed by Johnson?
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