Problem 10-50 (LO. 9, 10) This year, Callie and Neilformed CN LLC. Callie contributed $300,000 of cash, and Neil contributed real estate valued at $450,000 (bass of $200,000). The property was subject to a recourse ability of $150,000 that was assumed by the LLC but is not guaranteed by either ud member. Callie and Nell's profit sharing ratios are 40780, respectively, but the loss sharing ratios are 5086/50% a. Is the debt treated as a recourse debt or a nonrecourse debt to the LLC members? Recourse deht X b. How is the debt allocated between Callie and Neil Callie $ 225,000 X Nel 375,000 X c. What are Neil's and Calie's bases in the LLC interest immediately after the LG Calie $ 300,000 X 200,000 X Nel Ench partner has an outside basis in the partnership Interest. That basis is increased/ (decreased over time for the partner's sure of Income/(deductions), contributions (distributions), and increases/(decrease in the partner's share of partnership liabilities. The partner's basis is important for determining the treatment of distributions from the partnershio to the partner and establishing the deducity of partnership lasses