Partners G and H form the GH partnership, with G contributing $200,000 cash and H contributing some land with a basis of $600,000 and a FMV of $900,000, subject to a nonrecourse liability of $700,000. They agree to share profits and losses 60% to G and 40% to H. What is H’s share of the liability?

Answer rating: 100% (QA)

To find out Hs share of liability we need to multiply the total nonrecourse l... View the full answer