a general partnership had the following information at the end of the each of the years 20x0 and 20x1
20x0 20x1
current liabilities 20,000 20,000
long term liabilities 50,000 50,000
net income (or loss) n/a (40,000)
all liablitities are recourse debt and partner m guaranteed all the long term liabilties. M a 10% owner had a 10,000 basis in the parnership at the end of 20x0. M made no contributions or withdrawals during 20x1 or 20x2. How much is M's basis at the end of 20x1
6 years ago
Answer
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