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The LMN Partnership has the following assets and liabilities before any reduction for year-end principal payments on the liabilities. Assume the book basis and tax basis are the same amount.Assets bas
The LMN Partnership has the following assets and liabilities before any reduction for year-end principal payments on the liabilities. Assume the book basis and tax basis are the same amount.
Assets basis $300,000 value $400,000
Nonrecourse debt basis $500,000 value $500,000
If the partners have a deficit in their accounts of ($100,000), what is the amount of minimum gain chargeback if partnership taxable loss for the year is ($20,000) and the liabilities are reduced by $250,000?
$0
$20,000
$50,000
$100,000
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