Partnership Question
For this question why is the answer $41,000 and not $36,000 since wouldn’t it be $20,000 + $26,000 - $5,000 (for the other Partners share of the Mortgage) + $5,000 (for your share of the Mortgage - that being Your Debt Basis in the Partnership)
For this question why is the answer $41,000 and not $36,000 since wouldn’t it be $20,000 + $26,000 - $5,000 (for the other Partners share of the Mortgage) + $5,000 (for your share of the Mortgage - that being Your Debt Basis in the Partnership)