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Judy owns a 20% interest in a partnership (not real estate) in which her at-risk amount was $35,000 at the beginning of the year. The partnership borrowed $50,000 on a recourse note and made a $40,000 profit during the year. Her at-risk amount at the end of the year is $43,000.
Attributonial Bias
A cognitive bias that affects the way we determine who or what is responsible for an event or action, often leading to error in judgment.
Cognitive Dissonance
A psychological discomfort experienced when holding contradictory beliefs or values, or when behavior and beliefs do not align, often leading to a change in beliefs or behaviors to reduce the dissonance.
Small Amount
A quantity that is less than average or nominal, often referring to a minimal or insignificant portion of something.
Opinion
A belief or judgment that rests on grounds insufficient to produce complete certainty.
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