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Problem: Module 7 Textbook Problem 4 Learning Objective: 7-6 Adjust the tax basis in a partnership interest Jalapeo Corporation and Habanero Corporation formed a partnership to construct a restaurant Jalapeo contributed $565,000 cash, and Habanero contributed land (\$565.000 FMV and $495,000 basis) in exchange for a 50 percent interest in Pepper Parthership. Immediately after its formation. Pepper Partnership borrowed $282.500 from a local bank. The debt is recourse (unsecured by any specific partnership osset) Required: o. Compute each portner's initial basis in its partnership interest, assuming that both Jalapenio ond Habanero are general partners. b. Compute each partner's initial bosis in its partnership interest, assuming that Jalapeno is a general parther, and Hobanero is a limited partrier. Complete this question by entering your answers in the tabs below. Compute each partner's initial basis in its partnershlp interest, assuming that both lalapeno and Habanero are general partnes. Problem: Module 7 Textbook Problem 4 Leorning Objective: 7-6 Adjust the tax basis in a partnership interest Jalapeo Corporation and Habanero Corporation formed a partnership to construct a restaurant. Jalapeo contributed $565,000 cash, and Habanero contributed iand (\$565,000 FMV and $495,000 basis) in exchange for a 50 percent interest in Pepper Partnership. Immediately after its formation, Pepper Partnership borrowed $282,500 from a local bank. The debt is recourse (unsecured by any specific parthership asset). Required: a. Compute each partner's initial basis in its partnership interest, assuming that both Jalapenoo and Habanero are general partners b. Compute each partner's initial basis in its partnership interest, assuming that Jalapeno is a general parther, and Habanero is a limited partner Complete this question by entering your answers in the tabs below. Compute each partner's initial basis in its partnership interest, assuming that Jalapeo is a general partner, and Habanero is a limited parther. limited parther