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On July 1, Martina contributed $11,500 in cash, and property with an adjusted basis of...

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Accounting

On July 1, Martina contributed $11,500 in cash, and property with an adjusted basis of $10,500 and a fair market value of $16,000 for a 25% share of a coffee kiosk business, which is a partnership. What is Martina's beginning tax capital account balance, and what is her book capital account balance?
Tax account, $11,500; book account, $10,500.
Tax account, $10,500; book account, $16,000.
Tax account, $22,000; book account, $27,500.
Tax account, $27,500; book account, $27,500.

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