An individual received a 70% capital interest in a general partnership by contributing the following:
Investment land purchased 10 years ago for $40,000 and valued at $60,000
A personal (nonbusiness) truck purchased nine months ago for $12,000 and valued at $10,000
The partnership obtains a $50,000 nonrecourse mortgage loan on the land. How much is this general partner’s basis in the partnership after the contribution and loan?