Exchange for her general partnership interest

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Reference no: EM133971643

Question

Kim Doss is a 50% partner in Golf General Partnership. Kim contributed $30,000 cash to the partnership at the beginning of Year 1 in exchange for her general partnership interest. The total partnership debt was $20,000 at the beginning of Year 1 and $25,000 at the end of Year 1. How would the change in the debt balance in Year 1 change Kim's basis in the partnership interest?

Reference no: EM133971643

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