#6 Tax- Partnership/ Partners

4P-3 PROBLEM 4 partner's partnership interest? What if the liability were for services already performed but not yet paid? 6. A and B form the equal AB partnership which has no realty activities. Each contributed $10,000 to the capital of the partnership. The partnership pur- chased personal property for $20,000 cash, subject to an $80,000 recourse mortgage which is a general obligation of the partnership. The partnership suffered a $30,000 loss attributable exclusively to depreciation on the person- al property in its first year of operation. What are the partners' bases for their partnership interests? How much of the partnership loss may each partner deduct? Does 465 have any effect? a. Assume instead that the partnership liability is nonrecourse. b. Assume that the partnership liability is recourse and A and B share prof- its 40%-60% and losses 70%-30%. c. Same as (b) above, except the liability is nonrecourse. d. Same as (a) above, except the partnership is a limited partnership with B as the limited partner. e. Same as (d) above, except the liability is recourse.response f. Same as (e) above, but B is obligated under the partnership agreement to contribute an additional $30,000. 8. In (e) above, B agreed to pay A up to $40,000 if A actually pays off the mortgage from his personal funds. h. In (e) above, B agreed to guarantee $40,000 of the mortgage obligation directly to the partnership's creditor