Terence and Alfred each invested $10,000 cash in T&A General Partnership and each received a 50% interest
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Terence and Alfred each invested $10,000 cash in T&A General Partnership and each received a 50% interest in the partnership. The partnership borrowed $100,000 in full recourse debt.
- Assume that the $100,000 was borrowed from a bank. What are the amounts Terence and Alfred have at-risk with respect to their partnership interests?
- Assume that the $100,000 was borrowed from Alfred. What are the amounts Terence and Alfred have at-risk with respect to their partnership interests?
Related Book For
Income Tax Fundamentals 2013
ISBN: 9781285586618
31st Edition
Authors: Gerald E. Whittenburg, Martha Altus Buller, Steven L Gill
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