28. CCC Partnership borrowed $100,000 on a five-year recourse note from a local bank. It also purchased land for $60,000, putting $10,000 down and signing a qualified nonrecourse loan secured by the land for the balance.

The partners’ interests in partnership profits and losses are as follows:

Partner Loss Profit Carol (general partner) 25% 50%
Charles (limited partner) 40% 25%
Charlotte (limited partner) 35% 25%

a. How is the $100,000 recourse note allocated to the partners’ bases?

b. How is the $50,000 nonrecourse note allocated to the partners’ bases?

c. How would your answers change if Carol, Charles, and Charlotte were all general partners?