What is the impact of Partner B's contribution of the farmland, with a fair market value of $100,000 and an outstanding mortgage of $50,000, on his cost basis in the ABC partnership?
a) It increases his cost basis by $50,000.
b) It decreases his cost basis by $50,000.
c) It has no impact on his cost basis.
d) It increases his cost basis by $100,000.
