Question
14) Donald owns a 30% interest in the ABC LLC, and his basis in the interest is $30,000 excluding his share of the LLC's liabilities.
14)
Donald owns a 30% interest in the ABC LLC, and his basis in the interest is $30,000 excluding his share of the LLC's liabilities. Donald guarantees a $40,000 LLC debt. Remaining liabilities are $100,000. Donald's basis in the LLC is $100,000.
True
False
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Operational Assessment Of IT Internal Audit And IT Audit
Authors: Steve Katzman
1st Edition
0367567946, 978-0367567941
