Jack and Janice contributed property to form the J and Partnership Jack contributes cash of $35,000 Janice contributes tand with an adjusted basis and fair market value of $50.000, subject to a liability of $20,000. The partnership borrows $55.000 to finance the construction of the building on the contributed land. At the end of the first year, the accrual basis partnership owes $4.000 in trade accounts payable to various vendors. Assume that no other operating activities occurred. If Jack and Janice she abilities 60% lack and 40% Janice, determine each partner's basis in their partnership Interest SHOW ALL COMPUTATIONS Jack and Janice contributed property to form the and J Partnership Jack contributes cash of $35.000. Janice contributes land with an adjusted basis and fair market value of $50.000, subject to a liability of $20,000. The partnership borrows $55,000 to finance the construction of the building on the contributed land. At the end of the first year, the accrual basis partnership owes $4,000 in trade accounts payable to various vendors. Assume that no other operating activities occurred. If lack and Janice share liabilities 60% Jack and 40% Janice, determine each partner's basis in their partnership Interest. SHOW ALL COMPUTATIONS