On January 4, Jones and Black contributed $4,000 and $6,000 in cash, respectively, and formed the Micro General Partnership. The partnership agreement allocated profits and losses 40% to Jones and 60% to Black. During the year, Micro purchased property from an unrelated seller for $10,000 cash and a $40,000 mortgage note that was the general liability of the partnership. Micro's liability: Increases Jones's partnership basis by $16,000. Increases Jones's partnership basis by $20,000. Increases Jones's partnership basis by $24,000. O Has no effect on Jones's partnership basis