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Rick has a $50,000 basis in the RKS General Partnership on January 1 of the...

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Accounting

Rick has a $50,000 basis in the RKS General Partnership on January 1 of the current year, and he owns no other investments. He has a 20% capital interest, a 30% profits interest, and a 40% loss interest in the partnership. Rick does not work in the partnership. The partnership

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