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How is the recourse note allocated to the partners bases

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Question - 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%

Required -

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

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

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

Reference no: EM132844363

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