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Mervin March and George Gamble are equal partners. On January 1, 2018, each had an adjusted basis in the partnership of $10,000. During 2018, the
Mervin March and George Gamble are equal partners. On January 1, 2018, each had an adjusted basis in the partnership of $10,000. During 2018, the partnership borrowed $15,000, for which the partners are liable, and had an operating loss for the year of $20,000. What is the basis of each partner's interest at the end of 2018?
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