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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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