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What are bill and ted bases in the partnership

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Reference no: EM131591900

Question - Bill and Ted form a partnership with cash contributions of $40,000 each. Bill is a limited partner. Under the partnership agreement. Bill and Ted share all partnership profits and losses equally. The partnership borrows $100.000 from a local bank to purchase depreciable equipment to be used in the partnership's business. Ted is required under the partnership agreement to pay the creditor if the partnership defaults. Based upon these facts, what are Bill's and Ted's bases in the partnership?

Reference no: EM131591900

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