On January 4, 2012, Smith and White contributed $4,000
and $6,000 in cash, respectively, and formed the Macro General
Partnership. The partnership agreement allocated profits and
losses 40% to Smith and 60% to White. In 2012, Macro purchased
property from an unrelated seller for $10,000 cash and a
$40,000 mortgage note that was the general liability of the partnership.