Determining nonrecourse debt for basis

Reference no: EM13140896

Richard made a contribution of property to the newly formed QRST Partnership. The property had a $30,000 adjusted basis to Richard and a $100,000 fair market onthe contribution date. The property was also encumbered by a $50,000 nonrecourse debt, which was transferred to te partnership on that date. Another partner, Sylvia, shares 1/3 of the partnership income, gain, loss, deduction, and credit. Under IRS regulations, Sylvia's share in the nonrecourse debt for the basis purpose is:

a. $10,000

b. $30,000

c. $36,667

d, $40,000

e. $50,000

Reference no: EM13140896

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