Bart Contributes $100,000 to the Fish Partnership for a 40 $$\begin{array} { l r } \text { First Bank (recourse) } & \$ 10,000 \\\text { Second Bank (nonrecourse) } & 30,000\end{array}$$

question 57

Multiple Choice

Bart contributes $100,000 to the Fish Partnership for a 40% interest.During the first year of operations, Fish has a profit of $20,000.At the end of the first year, Fish has outstanding loans from the following banks. $$\begin{array} { l r } \text { First Bank (recourse) } & \$ 10,000 \\\text { Second Bank (nonrecourse) } & 30,000\end{array}$$ What is Bart's at-risk basis in Fish at the end of the first year?

• A)$100,000
• B)$108,000
• C)$112,000
• D)$124,000

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Definitions:

Myers-Briggs Type Indicator

A psychological assessment tool that categorizes individuals into 16 personality types based on preferences in how they perceive the world and make decisions.

Personality Types

Categories into which individuals are placed based on their traits, behaviors, and characteristics, often used to predict compatibility with various careers or environments.

MBTI

A personality inventory based on Carl Jung’s theories, which classifies individuals into 16 distinct personality types using criteria such as introversion vs. extroversion.

Cultural Differences

Cultural differences refer to the diversities in values, beliefs, practices, and social norms between people from different backgrounds or societies.