JH and Sunny contribute property to form the JS Partnership. JH contributes cash of $30,000. Sunny contributes land with an adjusted basis and FMV of $45,000, subject to a liability of $15,000. The partnership borrows $50,000 to finance construction of a building on the contributed land. At the end of the first year, the accrual basis partnership owes $3,500 in trade accounts payable to various vendors. Assume that no other operating activities occurred.

Question: If JH and Sunny shares equally in liabilities, determine their outside basis in the partnership at the end of first year.