Question: Boins contributes equipment with a Fair Market Value of $50,000, an Adjusted Basis of $15,000 and subject to a $10,000 liability to form Phillips Partnership, a General Partnership. Robbie contributes $40,000 Cash to the Phillips Partnership. Boins and Robbie share equally in Phillips Partnership's profits and losses. Boins's initial basis in her Partnership Interest is $10,000 and Robbie's initial basis in her Partnership Interest is $45,000. O True False