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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 recourse loan of
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 recourse loan of $50,000 to a bank? (Assume that no waivers or additional contribution requirements exist.)
Y gets a $10,000 increase in basis
Y gets a $40,000 increase in basis
Y gets a $50,000 increase in basis
Y gets no increase in basis
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