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The partnership obtains 50000 nonrecourse mortgage loans on

Question - An individual received 70% capital interest in a general partnership by contributing investment land purchased 10 years ago for 40000 values 60000 and a personal non business truck purchased 9 months ago for 12000 valued at 10000. The partnership obtains 50000 nonrecourse mortgage loans on the land. How much is the general partner's basis in the partnership after contribution and loan?

85000

87000

10000

102000

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Accounting Basics: The partnership obtains 50000 nonrecourse mortgage loans on

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