T transfers a building ($90,000 market value; $40,000 basis), plus $60,000 nonrecourse debt on the building, to a partnership in exchange for a 30% capital interest valued at $30,000. If T retains per

T transfers a building ($90,000 market value; $40,000 basis), plus $60,000 nonrecourse debt on the building, to a partnership in exchange for a 30% capital interest valued at $30,000. If T retains personal liability for the debt, what is T's basis in his partnership interest?

($2,000)

$0

$40,000

$58.000