Powell owns a 20 percent interest in Cooke Partnership. At the beginning of 2020, Powell's basis is

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Powell owns a 20 percent interest in Cooke Partnership. At the beginning of 2020, Powell's basis is $22,000. Cooke reports a $90,000 operating loss in 2020, and Powell withdraws $10,000 from the partnership. Cooke's 2021 operating income is $70,000, and Powell withdraws $10,000 from the partnership.

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Concepts In Federal Taxation 2022

ISBN: 9780357515785

29th Edition

Authors: Kevin E. Murphy, Mark Higgins, Tonya K. Flesher

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