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Please show all work step by step from start to finish Kate and Rose forms Brimsley Partnership several years ago as equal partners. The partnership
Please show all work step by step from start to finish
Kate and Rose forms Brimsley Partnership several years ago as equal partners. The partnership recourse debt balance at the beginning of 2021 was $60,000. The partnership recourse debt balance at the end of 2021 is $100,000. Partnership debt is shared equally between the partners. Kate's outside basis at the beginning of 2021 is $85,000 and Rose's outside basis at the beginning of 2021 is $52,000. Based on the information below calculate Rose's end of year ( 2021 ) outside basis. (8 points) Kate and Rose forms Brimsley Partnership several years ago as equal partners. The partnership recourse debt balance at the beginning of 2021 was $60,000. The partnership recourse debt balance at the end of 2021 is $100,000. Partnership debt is shared equally between the partners. Kate's outside basis at the beginning of 2021 is $85,000 and Rose's outside basis at the beginning of 2021 is $52,000. Based on the information below calculate Rose's end of year ( 2021 ) outside basis. (8 points)Step by Step Solution
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