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Mervin March and George Gamble are equal partners. On January 1, 2018, each had an adjusted...

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Accounting

Mervin March and George Gamble are equal partners. On January 1,2018, each had an adjusted basis in the partnership of $10,000.During 2018, the partnership borrowed $15,000, for which thepartners are liable, and had an operating loss for the year of$20,000. What is the basis of each partner's interest at the end of2018?

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As said in the question the partners are having equal partnership So the partners has equal adjusting interest of 10000 So here we take assumption that the profits and loss are equally to both of    See Answer
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