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George pays $10,000 for a 20% interest in a general partnership which has recourse liabilities of $20,000. The partners share the economic risk of loss from recourse liabilities in the same way they share partnership losses. George's basis in his partnership interest is

a. $10,000

b. $12,000

c. $14,000

d. $30,000

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M9412728

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