Jokan contributes a non-depreciable asset to the Mahali LLC in exchange for a one-fourth (25%) interest in the capital, profits, and losses of the LLC. The asset has an adjusted tax basis to Jokan and the LLC of $60,000 and a fair market value and § 704(b) "book" basis on the contribution date of $150,000. The asset is encumbered by a nonrecourse note of $80,000 that has not been guaranteed by any of the LLC members.

Under § 704(c) principles, how much of the nonrecourse debt is allocated to Jokan and what is the amount of Jokan's basis in the LLC interest following the contribution?