Judy Owns a 20% Interest in a Partnership (Not Real

question 36

True/False

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.

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Definitions:

Profane

That which is of the everyday, secular world and is specifically not religious.

Sacred

That which is set apart from ordinary activity, seen as holy, and protected by special rites and rituals.

Hooking Up

A term commonly used to describe engaging in sexual or romantic activities without necessarily demanding or expecting a more formal relationship.

Monotheistic

Describes a belief system or religion that recognizes a single, supreme deity as the only god worthy of worship.