Trevor is a 50 percent partner in the Dalmatian Partnership. His basis in his partnership interest is
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Trevor is a 50 percent partner in the Dalmatian Partnership. His basis in his partnership interest is $30,000 at the end of the tax year but before the partnership gives Trevor a cash distribution of $17,000. What is Trevor’s recognized income due to the $17,000 distribution, and what is his partnership basis after the distribution?
a. $17,000 income; $13,000 basis
b. $17,000 income; $30,000 basis
c. No income; $13,000 basis
d. No income; $30,000 basis
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The correct answer is a 17000 income 13000 basis When a partner receives a ...View the full answer
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Related Book For 
Income Tax Fundamentals 2017
ISBN: 9781305872738
35th Edition
Authors: Gerald E. Whittenburg, Steven Gill, Martha Altus Buller
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