True or False:A transfer warranty, made by a person who transfers an instrument for consideration to all subsequent transferees, impliedly makes five warranties relating to good title, authentic signatures, no alterations, no defenses, and no
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In 2019, Kipp invested $65,000 for a 30% interest in a partnership conducting a passive activity. The partnership reported losses of $200,000 in 2019 and $100,000 in 2020, Kipp's share being $60,000 in 2019 and $30,000 in 2020.
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