An examination of the RB Partnership's tax books provides the following information for the current year:
Barry is a 30% partner in partnership capital, profits, and losses. Assume the adjusted basis of his partnership interest is $50,000 at the beginning of the year, and he shares in 30% of the partnership liabilities for basis purposes.

Question

An examination of the RB Partnership's tax books provides the following information for the current year:
  Barry is a 30% partner in partnership capital, profits, and losses. Assume the adjusted basis of his partnership interest is $50,000 at the beginning of the year, and he shares in 30% of the partnership liabilities for basis purposes.

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The Answer of An examination of the RB Partnership's tax books provides the following information for the current year:
  Barry is a 30% partner in partnership capital, profits, and losses. Assume the adjusted basis of his partnership interest is $50,000 at the beginning of the year, and he shares in 30% of the partnership liabilities for basis purposes.

An Examination of the RB Partnership's Tax Books Provides the Following