Multiple Choice 10. Which of the following is not a legal characteristic of a ge a. Unlimited liability of partners for partnership recourse d b. Restricted transferability of partnership interests c. Centralized management d. Limited life e All of the above are legal characteristics of partnerships ebt An individual received a 70 percent capital interest in a general partnership by contributing the following: 11. Investment land purchased 10 years ago for $40,000 and valued at $90,000. There was a $50,000 nonrecourse debt on the land that was also transferred to the partnership. Services to organize the partnership valued at $22,500. . Business inventory purchased nine months ago for $10,000 and valued at $8,000. This general partner's basis in the partnership after the contribution is a.$0 b. $22,500 C. $35,000 d. $57,500 e. $72,500