A, B, C, & D each contributes $25,000 to the ABCD
partnerships, which then acquires a $1,000,000 building, paying
$100,000 cash and borrowing $900,000 on a nonrecourse basis.
(a) If the parties are equal general partners, what is each
partner’s outside basis?
(b) What result if the partnership is a limited partnership, A
is the sole general partner and all the partners share profits and
losses equally?
(c) What result in (b), above, if the partnership were
personally liable for...