Problem: Module 7 Textbook Problem 4 Learning Objective: 7-6 Adjust the tax basis in a partnership interest Jalapeno Corporation and Habanero Corporation formed a partnership to construct a restaurant. Jalapeno contributed $545,000 cash, and Habanero contributed land ($545.000 FMV and $475,000 basis) in exchange for a 50 percent Interest in Pepper Partnership. Immediately after its formation, Pepper Partnership borrowed $272,500 from a local bank. The debt is recourse (unsecured by any specific partnership asset). Required: 3. Compute each partner's initial basis in its partnership Interest, assuming that both Jalapeno and Habanero are general partners. Compute each partner's initial basis in its partnership Interest, assuming that Jalapeho is a general partner, and Habanero is a limited partner. Complete this question by entering your answers in the tabs below. Required Required A B Compute each partner's initial basis in its partnership interest, assuming that both Jalapeo and Habanero are general partners. Amount Jalapeno's initial basis Habanero's initial basis Problem: Module 7 Textbook Problem 4 Learning Objective: 7-6 Adjust the tax basis in a partnership interest Jalapeno Corporation and Habanero Corporation formed a partnership to construct a restaurant. Jalapeno contributed $545,000 cash, and Habanero contributed land ($545.000 FMV and $475,000 basis) in exchange for a 50 percent interest in Pepper Partnership. Immediately after its formation, Pepper Partnership borrowed $272,500 from a local bank. The debt is recourse (unsecured by any specific partnership asset). Required: 1. Compute each partner's initial basis in its partnership Interest, assuming that both Jalapeno and Habanero are general partners. 2. Compute each partner's initial basis in its partnership interest, assuming that Jalapeno is a general partner, and Habanero is a limited partner. Complete this question by entering your answers in the tabs below. Required Required A B Compute each partner's initial basis in its partnership interest, assuming that Jalapeo is a general partner, and Habanero is a limited partner. Amount Jalapeno's initial basis Habanero's initial basis