Mumtaz, Badia and llya are partners in a business partnership, called MBI. Mumtaz c8 contributes $10,000 and llya contributes $5,000. There is no agreement of how they will share partnership profits and losses. In addition, the partnership borrows A $30,000 from the bank. The business doesn't work out, and MBI is unable to repay the loan. The bank sues Mumtaz personally. The amount Mumtaz can legally recover from lya is: O $10.000 O 330.000 O 15.000 O $15,000

Mumtaz, Badia and llya are partners in a business partnership, called MBI. Mumtaz c8 contributes $10,000 and llya contributes $5,000. There is no agreement of how they will share partnership profits and losses. In addition, the partnership borrows A $30,000 from the bank. The business doesn't work out, and MBI is unable to repay the loan. The bank sues Mumtaz personally. The amount Mumtaz can legally recover from lya is: O $10.000 O 330.000 O 15.000 O $15,000

CONCEPTS IN FED.TAX.,2020-W/ACCESS

20th Edition

ISBN:9780357110362

Author:Murphy

Publisher:Murphy

Chapter13: Choice Of Business Entity—general Tax And Nontax Factors/formation

Section: Chapter Questions

Problem 43P

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