Identify which of the following statements is true. A general partner's share of recourse debt is based on his or her conomic risk of loss and his or her share of nonrecourse debt is predominantly based on his or her share of partnership profits. A partner's basis for his or her partnership interest is increased by his or her share of the partnership's tax-exempt income. If all tax-exempt interest income is distributed when received by a partnership, the partners' bases are the same after the distribution as they were before the tax-exempt interest was received by the partnership. All are true.
This question was answered on: May 23, 2022
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