ABC Partnership's calendar year records show the following:
Net Income N/A $5000
Recourse Debt $30000 $36000
Nonrecourse Debt $60000 $52000
ABC Partnership owns and rents out office buildings. All of its debt is owed to unrelated parties. L has a 10% ownership interest and is allocated 10% of all profits and losses. L is a limited partner and has a $3000 basis in the partnership at the beginning of 20x2. How much basis does L have in the partnership at the end of 20x2?
20X1 Net income = NA Recourse debt = 30000 Non-recourse debt = 60000 20X2 Net income = 5000 Recourse... View the full answer