Question: Will year 1's allocations be valid under Reg. 1.704-1? Explain your answer and include a table summarizing the activity to the partner's capital accounts for

Will year 1's allocations be valid under Reg. 1.704-1? Explain your answer and include a table summarizing the activity to the partner's capital accounts for year 1. Calculate the partners outside bases at the end of year 1. You will need to include the debt allocation tables in your case analysis

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