LeBron, Dennis, and Susan formed the Bar T LLC at the beginning of the current year. LeBron and Dennis each contributed $$200,000$ and Susan transferred several acres of agricultural land she had purchased two years earlier to the LLC$.$ The land had a tax basis of $$50,000$ and was appraised at $$300,000.$ The land was also encumbered with a $$100,000$ nonrecourse mortgage $($i$.$e$.,$ qualified nonrecourse financing$)$ for which no one was personally liable. The members plan to use the land and cash to begin a cattle$-$feeding operation. Susan will work full time operating the business, but LeBron and Dennis will devote less than two days per year to the operation.

All three members agree to split profits and losses equally. At the end of the first year, Bar T had accumulated $$40,000$ of accounts payable jointly guaranteed by LeBron and Dennis and had made a $$9,000$ principal payment on the mortgage. None of the members have passive income from other sources or business income from other sources. LeBron and Dennis are married, while Susan is single.

For the first year of operations, the partnership records disclosed the following information:

Sales revenue $ $620,000$

Cost of goods sold $380,000$

Operating expenses $670,000$

Dividends $1,200$

Municipal bond interest $300$

Salary paid as a guaranteed payment to Susan $($not included in expenses$)10,000$

Cash distributions split equally among the members at year$-$end $3,000$

Note: Do not round intermediate calculations. Round your final answers to the nearest whole dollar amount. Negative amounts should be indicated with a minus sign. Leave no answers blank. Enter zero if applicable.

c$.$ What are Bar T$\text{'}$s tax basis and holding period in its land?