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Mission Control Partnership has four partners. Jack, Connor, and Francine are general partners, and Melinda...

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Accounting

Mission Control Partnership has four partners. Jack, Connor, and Francine are general partners, and Melinda is a limited partner. The partnership took out a $12,000 loan. How will this liability affect Jack's basis?

$4,000 increase.

$3,000 increase.

$3,000 decrease.

$4,000 decrease.

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