Gerald and Ty are equal partners in JNT outdoor a specialty store that sells outdoor...

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Accounting

Gerald and Ty are equal partners in JNT outdoor a specialty store that sells outdoor clothing used tents and backpacks. When they formed the partnership Gero contributed $30 in cash and tie contributed inventory with the fair market value of 30,000 and an adjusted basis of 25,000 which of the following statements about his general partnership is true

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