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The GL limited partnership was organized at the beginning of the current year. G, the general partner, contributed $10 for a 10% interest in profits, loses and capital, and L, as a limited partner, received 90% interest in profits, loses and capital in exchange for a capital contribution of $90. The p/s immediately purchased a rental apartment building for $1,000, paying $100 in cash and issuing a $900 purchase money note, with interest payable currently and a lump-sum principal payment due in 20 years, Determine each partner's initial outside basis under each of the following alternatives: a. The note is recourse, and hence the p/s (and G as its general partner) is personally liable on the note. As a limited partner, L is required to make no additional capital contributions beyond the $90 he contributed upon formation. L has no personal llability with respect to the note. Basis G L. xA b. Same as (a) except that under the p/s agreement, L as the limited partner, is obligated to contribute additional capital of $900 to the partnership in the future (making the total required capital from L$990 ). Same as (a) except that L has assumed and promised to pay the entire note as it becomes due. Assume the holder of the mortgage could proceed directly against L as well as G and the partnership if the note is not paid. Also assume that if holder of the mortgage sued G or the partnership for payment, G and the p/s would sue L. for the same amount since L's assumption made him ultimately liable on the debt