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The LMN Partnership has the...

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.Description Basis Value

Assets $300,000 $400,000

Nonrecourse debt $500,000 $500,000If the partners have a deficit in their capital 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

Assets $300,000 $400,000

Nonrecourse debt $500,000 $500,000If the partners have a deficit in their capital 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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