Zena and Phil own 40% and 60%, respectively, of the ZP Partnership, which manufactures clocks. The partnership is a limited partnership, and Zena is the only general partner. She works full-time in the business. Phil essentially is an investor in the firm and works full-time at another job. Phil has no other income except his salary from his full-time employer. During the current year, the partnership reports the following gain and loss: (Click the icon to view the gain and loss.) A (Click the icon to view additional information.) Read the requirements. Requirement a. What gain or loss should each partner report on his or her individual tax return? Begin by determining the amount and character of gain or loss Zena should report. Character Amount Now determine the amount and character of gain or loss Phil should report. Character Amount Requirement b. If the partnership borrowed an additional $140,000 of recourse liabilities, how would your answer to Part a change? Begin by determining the amount and character of gain or loss Zena should report if the partnership borrowed an additional $140,000 of recourse liabilities Character Amount i Data Table Character Amount $ Requirement b. If the partnership borrowed an additional $140,000 of recourse liabilities, how would y Ordinary loss Long-term capital gain 190,000 45,000 Begin by determining the amount and character of gain or loss Zena should report if the partnership bd Character Amount Print Done Now determine the amount and character of gain or loss Phil should report if the partnership borrowed an additional $140,000 of recourse liabilities. Character Amount Choose from any list or enter any number in the input fields and then continue to the next question. Zena and Phil own 40% and 60%, respectively, of the ZP Partnership, which manufactures clocks. The partnership is a limited partnership, and Zena is the only general partner. She works full-time in the business. Phil essentially is an investor in the firm and works full-time at another job. Phil has no other income except his salary from his full-time employer. During the current year, the partnership reports the following gain and loss: (Click the icon to view the gain and loss.) A (Click the icon to view additional information.) Read the requirements. Requirement a. What gain or loss should each partner report on his or her individual tax return? Begin by determining the amount and character of gain or loss Zena should report. Character Amount Now determine the amount and character of gain or loss Phil should report. Character Amount Requirement b. If the partnership borrowed an additional $140,000 of recourse liabilities, how would your answer to Part a change? Begin by determining the amount and character of gain or loss Zena should report if the partnership borrowed an additional $140,000 of recourse liabilities Character Amount i Data Table Character Amount $ Requirement b. If the partnership borrowed an additional $140,000 of recourse liabilities, how would y Ordinary loss Long-term capital gain 190,000 45,000 Begin by determining the amount and character of gain or loss Zena should report if the partnership bd Character Amount Print Done Now determine the amount and character of gain or loss Phil should report if the partnership borrowed an additional $140,000 of recourse liabilities. Character Amount Choose from any list or enter any number in the input fields and then continue to the next