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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?

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Answer #1

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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