Cathy pays $20,000 for a 20% interest in a general partnership, which has recourse liabilities...
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Accounting
Cathy pays $20,000 for a 20% interest in a general partnership, which has recourse liabilities of $20,000. The partners share the economic risk of loss from recourse liabilities in the same way they share partnership losses. Cathy's basis in his partnership interest is
$40,000 $16,000 $20,000 $24,000 None of these answers
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