Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. ***nonrecourse loan*** in the xy partnership, x i

***Nonrecourse loan*** In the XY Partnership, X is the general partner with a 20%...

60.1K

Verified Solution

Question

Accounting

image

***Nonrecourse loan***

In the XY Partnership, X is the general partner with a 20% interest and Y is the limited partner with an 80% interest. How is partner Y's basis affected if Y guarantees a partnership nonrecourse loan of $50,000 to a bank? (Assume that no waivers or additional contribution requirements exist.) A. Y gets a $10,000 increase in basis. B. Y gets a $40,000 increase in basis. C. Y gets a $50,000 increase in basis. D. Y gets no increase in basis

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students

Q

4. Look at the formulas for standard deviation and for standard error.(a) Explain, in words,...

Biology
Q

1- Expected cash dividends are $4.00, the dividend yield is 6%, flotation costs are 7% of price,...

Finance
Q

summary on \"No, Smartphones are not Destroying a Generation\" by Sarah Rose Cavanagh

Psychology
Q

A study reports that 36% of companies in a Country A have three or more female...

Basic Math
Q

Lorien Corp., a client, has received a research grant from the federal government. As a condition of...

Accounting
Q

A block of mass m = 3.20 kg is pushed a distance d = 5.70...

Physics
Q

body is at rest or moving at a constant speed in a straight line it...

Physics
Q

Olivia sells solar panels to homeowners. She receives a 6% commission from the first $17,000...

Basic Math
Q

Strait Co. manufactures office furniture. During the most productive month of the year, 3,400 desks...

Accounting
Q

No. Account Titles and Explanation Debit Credit 1. 2. 3. (a) 3. (b) 4. 5

Accounting
Q

REVENUE 410 Sales ASSETS 110 Cash 120 Accounts Receivable 125 Notes Receivable 610 Rent Revenue...

Accounting
Q

Comparative financial statements for Heritage Antiquing Services for the fiscal year ending December 31 appear...

Accounting