George, a limited partner in the EFG Partnership, has a 20% interest in partnership capital,...
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Accounting
George, a limited partner in the EFG Partnership, has a 20% interest in partnership capital, profits, and losses. His basis in the partnership interest is $15,000 before accounting for events of the current year. In December of the current year, the EFG Partnership repaid a $100,000 nonrecourse liability. The partnership earned $20,000 of ordinary income this year. What tax issues should George consider with respect to reporting the results of this years activities for the EFG Partnership on his personal return?
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