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The partnership obtains 50000 nonrecourse mortgage loan on

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

85000

87000

10000 or

102000

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Accounting Basics: The partnership obtains 50000 nonrecourse mortgage loan on

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