In the current year, Brain formed an equal partnership with Norman. Brain contributed land with an adjusted basis of $ 50,000 and FMV of $ 60,000. The land contributed by Bruce was encumbered by a $ 30,000 recourse debt. Brain also contributed $ 40,000 cash to the partnership.
Nora contributed land with an adjusted basis of $ 15,000 and a FMV of $ 80,000. The land contributed by Norman was encumbered by $ 10,000 of recourse debt.
Assume the partners share all debt equally. Immediately after the formation ( and befire any other transaction occured) Nora's outside basis $ _______________