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The LMN Partnership has the following assets and liabilities…

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
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3/26/2018
Carter McBride
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Debt is less than the basis of the asset.

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