John holds 10 percent interest in ss partnership for past three years. His basis in the partnership is $200,000 which includes a $100,000 share of nonrecourse debt that is allocated to him.
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ans that the owner of the business is responsible and liable for debts incurred by the business. If the business acquires debts, the creditors can go after the owner's personal possessions. A business structure does not allow for corporate tax rates. The proprietor is personally taxed on all income from the business.
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