Question: The ABC Partnership has the following assets and liabilities before any reduction for year end pr...

The ABC Partnership has the following assets and liabilities before any reduction for year end principal payments on the liabilities. Assume the book basis and tax basis are the same amount.

description basis Value

assets $300,000 $400,000

non recourse debt $500,000 $500,000

If the partners have a deficit in their capital account of ($100,000), whitch is the amount of Minimum gain chargeback if the partnership taxable income for the year is $20,000 and the liabilities are reduced by $150,000 to $350,000?

A $0

B $20,000

C $50,000

D $150,000