G, the general partner, and L, the limited partner, each contribute \($20,000\) and form the GL limited partnership. G and L agree to allocate partnership profits and losses 80% to G and 20% to L. GL purchases land for \($40,000\) cash and a \($60,000\) recourse purchase money note.

(a) Who bears the economic risk of loss for the liability?

(b) What is G’s outside basis?

(c) What is L’s outside basis?