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Taya2010 [7]
3 years ago
9

Sean, Pete, Tom, and Mark formed a partnership to start a water damage restoration business. Each partner has a 25% interest, an

d all debt and profits are shared equally among the partners. Sean contributed cash of $20,000 and property with a FMV of $130,000, a basis of $80,000, and a mortgage of $50,000. Pete contributed services. Tom contributed cash of $50,000 and property with a FMV of $60,000, a basis of $40,000, and debt of $10,000. Mark contributed cash of $25,000 and property with a FMV of $95,000, a basis of $85,000, and debt of $20,000. All debt was assumed by the partnership. Which partner has a basis in partnership interest of $95,000
Business
1 answer:
-BARSIC- [3]3 years ago
6 0

Answer:

Pete

Explanation:

In a partnership ( limited ) as seen in the question, The general partner has an unlimited liability to debt owed by the partnership to its creditors hence he will bear the highest proportion of the basis in partnership interest. which is $95,000

A general partner runs the partnership business by providing <em>services</em> that will keep the partnership going  ( i.e. runs the business on behalf of other limited partners )

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