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QUESTION
Partners A and B start out with (9,000) deficit capital accounts. Property was purchased w nonrecourse debt of 108,000. The basis of the property is...
Partners A and B start out with (9,000) deficit capital accounts. Property was purchased w nonrecourse debt of 108,000. The basis of the property is 90,000 and FMV of property is 120,000. Partner C comes in and contributed 12,000, making himself a 50% partner. What are the capital accounts after revaluation? How much nonrecourse liability is everyone allocated?
