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2. George pays $10,000 for a 20% interest in a general partnership which has recourse liabilities of $20,000. The partners share the economic risk of
2. George pays $10,000 for a 20% interest in a general partnership which has recourse liabilities of $20,000. The partners share the economic risk of loss from recourse liabilities in the same way they share partnership losses. George's basis in his partnership interest is a.$10,000 b.$12,000 c.$14,000 d.$30,000
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Essentials Of Forensic Accounting
Authors: Michael A Crain, William S Hopwood,
1st Edition
1941651100, 978-1941651100
