Elaines original basis in the Hornbeam Partnership was $40,000. Her share of the taxable income from the
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Elaine’s original basis in the Hornbeam Partnership was $40,000. Her share of the taxable income from the partnership since she purchased the interest has been $70,000, and Elaine has received $80,000 in cash distributions from the partnership. Elaine did not recognize any gains as a result of the distributions. In the current year, Hornbeam also allocated $1,000 of tax-exempt interest to Elaine. Calculate Elaine’s current basis in her partnership interest.
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Related Book For
Income Tax Fundamentals 2023
ISBN: 9780357719527
41st Edition
Authors: Gerald E. Whittenburg, Steven Gill
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