Question Description
Please provide calculations.
The XYZ Partnership has the following assets and liabilities before any reduction for year-end principal payments on the liabilities. Assume the book basis and tax basis are the same amount.
Assets Basis: $300,000 Value $400,000
Nonrecourse debt Basis: $500,000 Value: $500,000
If the partners have a deficit in their capital accounts of ($22,000), what is the amount of minimum gain chargeback if partnership taxable income for the year is $32,000 and the liabilities are reduced by $150,000 to $350,000?
$20,000
$22,000
$32,000
$50,000
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