Question
A, B, C, and D form a limited partnership. Each contributes $10,000 in cash. A is the general partner, the others are limited partners. The
A, B, C, and D form a limited partnership. Each contributes $10,000 in cash. A is the general partner, the others are limited partners. The partnership borrows $960,000 on a recourse basis, what are the partners' outside basis? What are the partners' outside basis if the liability is non-recourse and D guarantees the liability?
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Intermediate Accounting
Authors: J. David Spiceland, James Sepe, Mark Nelson
6th edition
978-0077328894, 71313974, 9780077395810, 77328892, 9780071313971, 77395816, 978-0077400163
