On 1/1/2022, Pablo began discussions with other individuals to form a partnership. On 4/1/2022, Pablo purchased a building for $20,000 in anticipation of transferring the building to the partnership. To finance the purchase, Pablo paid $8,000 cash and borrowed a $12,000 "first mortgage" loan encumbering the building. The partners finalized their negotiations and on 9/30/2022, Pablo borrowed an additional $2,000 "second mortgage" loan on the property and used the loan proceeds for personal purposes. On 10/1/2022, Pablo transferred the building to the PQR partnership for a 30% partnership interest. In the transaction, the partnership assumed both the first and second mortgages. a. Is the first mortgage loan a qualified liability under the disguised sale rules (provide a brief explanation of the rule and your answer)? b. Is the second mortgage loan a qualified liability under the disguised sale rules (provide a brief explanation of the rule and your answer)?