Garfield Partnership was formed on August 1, 2026 by James,…
Garfield Partnership was formed on August 1, 2026 by James, Lucretia, Chester and Ellen. When the partnership was formed, James contributed $75,000 in cash and inventory ($275,000 A/B; $380,000 FMV). Lucretia contributed equipment ($250,000 A/B; $300,000 FMV) along with accounts receivable ($155,000 A/B; $155,000 FMV). Chester contributed land ($310,000 A/B; $455,000 FMV). Ellen contributed a machine ($210,000 A/B; $550,000 FMV). The machine was secured by $95,000 of debt which the partnership assumed. What is the total inside basis of the assets contributed to Garfield Partnership?