In the current year, Ashley formed an equal partnership with Reede. Ashley contributed land with an adjusted basis of $200,000 and a fair market value of $300,000. Ashley also contributed $100,000 cash to the partnership. Reede contributed land with an adjusted basis of $120,000 and a fair market value of $360,000. The land contributed by Ashley was encumbered by a $40,000 nonrecourse debt. Assume the partners share debt equally. Immediately after the formation, what is the basis of Ashley's partnership interest ?