In the current year, Bruce formed an equal partnership with Norman. Bruce contributed land with an adjusted basis of $50,000 and a fair market value of $60,000. Bruce also contributed $40,000 cash to the partnership. Norman contributed land with an adjusted basis of $15,000 and a fair market value of $80,000. The land contributed by Bruce was encumbered by $30,000 of nonrecourse debt (the partnership assumed this liability). The land contributed by Norman was encumbered by $10,000 of nonrecourse debt (the partnership assumed this liability). Assume the partners share the debt equally.
Immediately after the formation, calculate the basis of Norman's partnership interest.