At the beginning of the current year, Jorge and Adamson formed the JA Partnership by transferring cash and property to the partnership in exchange for a partnership interest, with each having a 50% interest. Specifically, Jorge transferred property having a $70,000 FMV, a $24,000 adjusted basis, and subject to a $7,000 liability, which the partnership assumed.Adamson contributed $50,000 cash to the partnership. The partnership also borrowed $27,000 from the bank to use in its operations. All liabilities are recourse for which the partners have an equal economic risk of loss. During the current year, the partnership earned $19,000 of net ordinary income and reinvested this amount in new property.

a. What is each partner's basis in his or her partnership interest at the end of the current year?

	Basis of property contributed +	Share of partnership liabilities +	Share of partnership ordinary income +	Personal liabilities assumed by partnership =	Basis in partnership interest
Jorge	24,000 +	17,000 (where its come from) +	9,500 (19,000 * 50%) +	7,000 =	43,500

	Basis of property contributed +	Share of partnership liabilities +	Share of partnership ordinary income +	Personal liabilities assumed by partnership =	Basis in partnership interest
Adamson	50,000 +	17,000 (where its come from) +	9,500 (19,000 * 50%) +	0 =	76,500

would you please explain how to get share of partnership liabilities,,,,,