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W, X, Y and Z each contribute $200,000 for a 25% interest in the W, X, Y and Z partnership. The partners all meet the

W, X, Y and Z each contribute $200,000 for a 25% interest in the W, X, Y and Z partnership. The partners all meet the 3 tests for economic effect and the tests for allocation of non-recourse debt. The 2 answers

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