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Edger and Franz each contribute $15,000 to Partnership E/F for a 50% interest in capital and profits. However, losses are split 60% to Edger and 40% to Franz. At the end of the first year, the E/F Partnership balance sheet is as follows:

Cash A/B $8,000, FMV $8,000
Receivables A/B $0, FMV $12,000
Land A/B $30,000, FMV $25,000
Recourse debt A/B $10,000,FMV $10,000
Edger Capital A/B $14,000,FMV $25,000
Franz Capital A/B $14,000, FMV $25,000

How much of the debt is included in Edger's outside Adjusted Basis?

A. $5,000

B. $8,800

C. $6,000

D. $6,600

Accounting Basics, Accounting

  • Category:- Accounting Basics
  • Reference No.:- M939563

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