Barbara and Bill formed an equal partnership, B&B, a general partnership, on January 1, 2012. Barbara contributed $200,000 in exchange for her one-half interest. Bill contributed land worth $300,000 that had an adjusted basis to him of $50,000 and that was subject to a liability of $100,000 in exchange for his one-half interest. Which of the following statements is accurate with respect to this transaction?

a. Barbara's adjusted basis in her partnership interest after the transaction is $0.

b. Barbara's adjusted basis in her partnership interest after the transaction is $150,000.

c. Barbara's adjusted basis in her partnership interest after the transaction is $200,000.

d. Barbara's adjusted basis in her partnership interest after the transaction is $250,000.