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Question 19 of 75. Dione is a general partner who owns 50% Interest in Love First Enterprises. Sammy is a limited partner who also owns
Question 19 of 75. Dione is a general partner who owns 50% Interest in Love First Enterprises. Sammy is a limited partner who also owns 50%. The partnership has $50,000 in recourse liabilities and $20,000 in nonrecourse liabilities. What is Dione's total share of liabilities? $35,000 $45,000 $60,000 $70,000 Mark for follow up Question 20 of 75. For the tax year, ABC partnership reported a $68,000 ordinary loss and a $30,000 increase in recourseliabilities for which the partners are able Anne, a son partner had an adjusted basis of $20,000 at the beginning of the year. What is Anne's allowable loss and her adjusted basis in ABC at the end of the year? Allowable loss: $19.000. Adjusted basis: $1,000 Allowable loss: $20,000. Adjusted basis: $0 Allowable loss: $34,000. Adjusted basis: $0 Allowable loss: $34,000. Adjusted basis: $1,000 Mark for follow up
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