CPA Reg Quiz
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FEDERAL TAXATION OF ENTITIES
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The ABC Partnership has three equal partners: Ann, Ben, and Carl. At the beginning of the year, the partnership had a nonrecourse liability of $90,000. During the year, the partnership's nonrecourse liabilities increased to $150,000. Ann's basis in her partnership interest before accounting for the liability change was $50,000.
What is Ann's adjusted basis in her partnership interest after accounting for the change in liabilities?
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