david is a general partner who owns 50% interest in live free enterprises. steve is a...
david is a general partner who owns 50% interest in live free enterprises. steve is a limited partnerwho also owns 59%. the partnership has $45,000 in recourse liabilies and $15,000 in nonrecourse liabilies. what is david's totak share of liabilities?
Homework Answers
David's total share of liabilities
Since, David is a general partner. Recourse liabilities increase the basis of general partner only and recourse liabilities increase the basis of both of general and limited partner.
David's total share of liabilities = $45,000 + $(50%*$15,000)
= $45,000 + $7,500
= $52,500
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david is a general partner who owns 50% interest in
live free enterprises. steve is a...
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