A, B, C, & D each contributes $25,000 to the ABCD partnerships, which then acquires a $1,000,000 building, paying $100,000 cash and borrowing $900,000 on a nonrecourse basis.

(a) If the parties are equal general partners, what is each partners outside basis?

(b) What result if the partnership is a limited partnership, A is the sole general partner and all the partners share profits and losses equally?

(c) What result in (b), above, if the partnership were personally liable for the debt?