1. Identify which of the following statements is true a. All of the partners in a limited partnership have limited liability b. A limited partnership must have at least one general partner c. A limited partnership cannot have a corporate general partner d. A large partnership must have fewer than 100 partners 2. George pays $10,000 for a 20% interest in a general partnership, which has recourse liabilities of $20,000. The partners allocate basis in recourse debt the same way they share partnership losses. Georges basis in his partnership interest is a. $10,000 b. $12,000 c. $14,000 d. $30,000