Question 14 of 15. All of the following statements about partnerships are true EXCEPT: A partner's outside basis can be less than zero. Book capital accounts typically reflect the fair market value of property contributed. Book capital and tax capital accounts can have a negative balance. Tax capital accounts reflect the partnership's adjusted basis of property at the date of distribution Mark for follow up Question 15 of 15. Jeff sold his partnership interest in an architectural firm for $30,000 cash when his outside basis was $10,000. He was relieved of his $15,000 share of partnership liabilities. What is Jeff's recognized gain from the sale of his partnership interest? $20,000 $30,000 $35,000 $45,000