Norah and Hank own 60% and 40%, respectively, of the NH Partnership, which manufactures clocks. The partnership is a limited partnership, and Norah is the only general partner. She works full-time in the business. Hank essentially is an investor in the firm and works full-time at another job. Hank has no other income except his salary from his full-time employer. During the current year, the partnership reports the following gain and loss: (Click the icon to view the gain and loss.) (Click the icon to view additional information.) Read the requirements. Data table - Requirement a. What gain or loss should each partner report on his or her individual tax return? Begin by determining the amount and character of gain or loss Norah should report. Character Requirements Amount a. What gain or loss should each partner report on his or her individual tax return? b. If the partnership borrowed an additional $130,000 of recourse liabilities, how would your answer to Part a change? - More info Ordinary loss Long-term capital gain $ 170,000 30,000 - X Before including the current year's gain and loss, Norah and Hank had $66,000 and $65,000 bases for their partnership interests, respectively. The partnership has no nonrecourse liabilities. Hank has no further obligation to make any additional investment in the partnership. Print Done