1. Ray, Ronnie, and Joe are partners in a limited partnership. Ray and Ronnie, the limited partners, each own 45% of the partnership, and Joe, the general partner, owns the other 10%. The partnership incurs $50,000 of nonrecourse debt and $100,000 of recourse debt. What is the effect on Joes basis for these debts? (Points : 5) 1. Increases by $155,000 2. Increases by $105,000 3. Increases by $100,000 4. Increases by $15,000 5. None of the above