On December 31, the XY partnership has assets with a book value of $500 and recourse debt of $300. X is the general partner and Y is a limited partner with no obligation to restore a capital account balance. The partnership agreement provides that X and Y share equally in profits and losses. X's book capital account is $125, and Y's book capital account is $75. What is X and Y's share of the recourse liability?

Answer rating: 100% (QA)

To determine X and Ys share of the recourse liability in the XY partnership we need to calculate the ... View the full answer