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Assume the G&L partnership forms with cash contributions of $100,000 each from G and L. The partnership then borrows $800,000 on a nonrecourse loan and

Assume the G&L partnership forms with cash contributions of $100,000 each from G and L. The partnership then borrows $800,000 on a nonrecourse loan and purchases a building on leased land for $1,000,000. Assume that the building is rented and that annual cash revenues equal cash expenses but depreciation of $50,000 per year results in a $50,000 annual loss. All items of income, loss, and deduction are shared equally. Assume that the partnership operates the rental building for 6

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