Tim and Tom formed the equal TT Partnership during the current year, with Tim contributing $200,000 in cash and Tom contributing land (basis of

Tim and Tom formed the equal T&T Partnership during the current year, with Tim contributing $200,000 in cash and Tom contributing land (basis of $100,000, fair market value of $140,000) and inventory (basis of $40,000, fair market value of $60,000). Tom recognizes a $60,000 gain on the contribution and his basis in his partnership interest is $200,000.true or false