TT Business Member Capital - "contributed property" question

I transferred the ownership of a rental SFR from personal to a newly formed pass-through partnership/LLC. Filling out 1065. TT Business asks about member's cash contribution to the LLC [easy answer] and property contribution to the LLC.

 

I believe the rental SFR is a property contribution to the LLC. True? False?

 

Assuming True, I want to understand the correct value to enter in TT, using this synthetic example:

* SFR purchased for FMV = $220,000, current FMV = $275,000

* SFR cost basis for taxes = $127,505 off which $86,133 is depreciable [it was part of a 1031 exchange]

* SFR accumulated depreciation until title transfer to the partnership = $5,090

 

What is the correct SFR's value contributed by the member to the partnership?