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29. Ryan is a 30 percent general partner in ABC Partnership. His basis in his partnership interest at the beginning of the year was $40,000. During the year, the partnership reported a $30,000 loss and paid off a $120,000recoursedebt.WhatisRyan'syear-endbasisin his partnership interest? a. S0 b. $4,000 c. $5,000 d. $9,000

29. Ryan is a 30 percent general partner in ABC Partnership. His basis in his partnership interest at the beginning of the year was $40,000. During the year, the partnership reported a $30,000 loss and paid off a $120,000recoursedebt.WhatisRyan'syear-endbasisin his partnership interest? a. S0 b. $4,000 c. $5,000 d. $9,000

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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29. Ryan is a 30 percent general partner in ABC Partnership. His basis in his partnership interest at the beginning of the year was $40,000. During the year, the partnership reported a $30,000 loss and paid off a $120,000recoursedebt.WhatisRyan'syear-endbasisin his partnership interest? a. S0 b. $4,000 c. $5,000 d. $9,000
Transcribed Image Text:29. Ryan is a 30 percent general partner in ABC Partnership. His basis in his partnership interest at the beginning of the year was $40,000. During the year, the partnership reported a $30,000 loss and paid off a $120,000recoursedebt.WhatisRyan'syear-endbasisin his partnership interest? a. S0 b. $4,000 c. $5,000 d. $9,000
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