Hurley Davis LLC is a new entity formed by Janis and Robert. It was formed to operate their new motorcycle business and is a partnership for tax purposes. Each will receive an equal profits (loss) interest by contributing cash, property, or both. In addition to the members' contributions, their LLC will obtain a $50.000 nonrecourse loan from Union Bank at the time it is formed. Robert contributes cash of $5,000 and a building he bought as a storefront for the motorcycles. The building has a FMV of $45,000 and an adjusted basis of $35,000. It is secured by a $35,000 nonrecourse mortgage that the LLC will assume. Janis contributes $15,000 in cash.

What is Robert's outside tax basis in his LLC interest?

How much debt is allocated to Janis for purposes of calculating her initial basis?