AB Corporation and YZ Corporation formed a partnership to construct a shopping mall. AB contributed $$525,000$ cash, and YZ contributed land $($$$525,000$ FMV and $$455,000$ basis$)$ in exchange for a $50$ percent interest in ABYZ Partnership. Immediately after its formation, ABYZ borrowed $$262,500$ from a local bank. The debt is recourse $($unsecured by any specific partnership asset$).$

Required:

Compute each partner$$s initial basis in its partnership interest, assuming that both AB and YZ are general partners.

Compute each partner$$s initial basis in its partnership interest, assuming that AB is a general partner, and YZ is a limited partner.