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Jerrell and Ty are equal partners in J and T's Outdoor Goods, a specialty store...

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Accounting

Jerrell and Ty are equal partners in J and T's Outdoor Goods, a specialty store that seils outdoor clothing, used tents, and backpacks. When they formed the partnership, Jerrell contributed $30,000 ?in cash, and Ty contributed inventory with a fair market value of $30,000 ?and an adjusted basis of $25,000. ?Which of the following statements about this general partnership is TRUE?
Jerrell's beginning outside basis in the partnership is $30,000, ?and Ty's is $25,000.
Jerrell and Ty each have a beginning outside basis in the partnership of $27,500.
Jerrell and Ty each have a beginning outside basis in the partnership of $30,000.
Shouid the business become insolvent, Ty's personal share of the partnership's liabilities will be less than Jerrells.
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