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Kim Doss is a 50% partner in Golf General Partnership. Kim contributed $30,000 cash to the partnership at the beginning of Year 1 in exchange
Kim Doss is a 50% partner in Golf General Partnership. Kim contributed $30,000 cash to the partnership at the beginning of Year 1 in exchange for her general partnership interest. The total partnership debt was $20,000 at the beginning of Year 1 and $25,000 at the end of Year 1. How would the change in the debt balance in Year 1 change Kim's basis in the partnership interest?
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An increase in partnership debt increases Kims basis in her partnership interest Heres wh...
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Income Tax Fundamentals 2013
Authors: Gerald E. Whittenburg, Martha Altus Buller, Steven L Gill
31st Edition
1111972516, 978-1285586618, 1285586611, 978-1285613109, 978-1111972516
