Solution-How is the recourse note allocated to partners

How is the recourse note allocated to partners bases

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Reference no: EM13539868

CCC Partnership borrowed $100,000 on a five-year recourse note from a local bank. It also purchased land for $60,000, putting $10,000 down and signing a qualified nonrecourse loan secured by the land for the balance. The partners' interests in partnership profits and losses are as follows:

Partner	Loss	Profit
Carol (general partner)	25%	50%
Charles (limited partner)	40%	25%
Charlotte (limited partner)	35%	25%

a. How is the $100,000 recourse note allocated to the partners' bases?

b. How is the $50,000 nonrecourse note allocated to the partners' bases?

c. How would your answers change if Carol, Charles, and Charlotte were all general partners?

Reference no: EM13539868

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How is the recourse note allocated to partners bases

Reference no: EM13539868

Reference no: EM13539868

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