Question 10 of 75. Jackson and Tyrone are equal partners in J and T's Outdoor Goods, a specialty store that sells outdoor clothing, used tents, and backpacks. When they formed the partnership, Jackson contributed $20,000 in cash, and Tyrone contributed inventory with a fair market value of $20,000 and an adjusted basis of $15,000. Which of the following statements about this partnership is TRUE? Jackson's beginning outside basis in the partnership is $20,000, and Tyrone's is $15,000. Jackson and Tyrone each have a beginning outside basis in the partnership of $20,000. Jackson will have a larger share of the profits than Tyrone. Should the business become insolvent, Tyrone's personal share of the partnership's liabilities will be less than Jackson's. Mark for follow up Question 11 of 75. Claudia is a general partner who owns a 50% interest in CS Brands, a partnership. Sonia is a limited partner in the business; she also has a 50% ownership interest. The partnership has $30,000 in recourse liabilities and $20,000 in nonrecourse liabilities. To what extent are Claudia's personal assets at risk due to her share of the partnership debt? $25,000$30,000$40,000$50,000 Mark for follow up