In the current year, Tom formed an equal partnership with Martin. Tom contributed land with an adjusted basis of $90,000 and a fair market value of $150,000. Tom also contributed $75,000 cash to the partnership. Martin contributed land with an adjusted basis of $100,000 and a fair market value of $200,000. The land contributed by Tom was encumbered by a $50,000 debt. The land contributed by Martin was encumbered by $25,000 of debt. Assume the partners share debt equally. Immediately after the formation, what the basis of Martin's partnership interest is: