A General Partner in a Limited Partnership has Unlimited Liability True False QUESTION 14 Linda and Peppers each own a fifty percent (50%) interest in a business entity, Linda contributed $200,000 for her ownership interest and Peppers contributed Land worth $200,000 (Adjusted Basis of $150,000) for her ownership Interest. Several months after the formation of the entity, the Land contributed by Peppers sold by the business entity for $220,000. If the business entity is a Regular (Corporation, Peppers's share of the Recognized Gain from the sale of the Land by the Regular (0) Corporation is $10,000. False True