Jalape$$o Corporation and Habanero Corporation formed a partnership to construct a restaurant. Jalape$$o contributed $$549,000$ cash. and Habanero contributed land $($ $$549,000$ FMV and $$479,000$ basis$)$ in exchange for a $50$ percent interest in Pepper Partnership. Immediately after its formation, Pepper Partnership borrowed $$274,500$ from a local bank. The debt is recourse funsecured by any, specific partnership asset$)$

Required:

a$.$ Compute each partner's initial basis in its partnership interest, assuming that both Jalape$$o and Habanero are general partners.

b$.$ Compute each partner's initial basis in its partnership interest, assuming that Jalape$$o is a general partner, and Habanero is a limited partner

Complete this question by entering your answers in the tabs below.

Required A

Required B

Compute each partner's initial basis in its partnership interest, assuming that both Jalape$$o and Habanero are general partners.

$\backslash$table$[[,$Amount$],[$Jalape$$o$\text{'}$s initial basis,$$,686,250],[$Habanero$\text{'}$s initial basis,$$,549,000]]$