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On January 1, 2023 Bill pays $2,000 for a 10% capital, profits and loss interest in Clinton Partnership, which has liabilities of $20,000. The partners
On January 1, 2023 Bill pays $2,000 for a 10% capital, profits and loss interest in Clinton Partnership, which has liabilities of $20,000. The partners share economic risk of loss from liabilities in the same way they share partnership losses. In 2023, Clinton incurs losses of $6,000 and the liabilities increase by $5,000. Bill's basis at year-end is
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