Eric and denise are partners in ed partnership. eric owns, Ask an Expert

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Eric and denise are partners in ed partnership. eric owns 60% capital, profits and loss interest. ed's only liabilities are $50,000 in accounts payable. In august ed borrowed $120,000 on a nonrecouse basis from delta bank. the loan is secured by property with a $230,000 fmv. ed has a $200,000 ordinary loss during the current year. How much loss can eric and denise recognize?

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M944461

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