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.