Question
The ABC Partnership has one general partner (Anna) and a limited partner (Clay) with the following partnership interests: Anna (General) Clay (Limited) Loss interest 75%
The ABC Partnership has one general partner (Anna) and a limited partner (Clay) with the following partnership interests:
Anna (General) Clay (Limited)
Loss interest 75% 25%
Profits interest 60% 40%
Basis before liabilities $100,000 $100,000
Clay has an obligation to make an additional $5,000. The partnership has two liabilities at year end: a $300,000 nonrecourse liability and a $400,000 recourse liability. What is each partners basis?
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Introduction To Cost Accounting
Authors: Don R. Hansen, Maryanne Mowen, Liming Guan, Mowen/Hansen
1st International Edition
0538749636, 978-0538749633
