Jo and Velma are equal owners of the JV Partnership, with Jo investing $500,000 and Velma contributing land and a building (adjusted basis of…

Jo and Velma are equal owners of the JV Partnership, with Jo investing $500,000 and Velma contributing land and a building (adjusted basis of $125,000; fair market value of $500,000). In addition, the entity borrows $250,000 using recourse financing and $100,000 using nonrecourse financing.a. Jo’s outside basis is $___, and Velma’s is $___.b.

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