Phil Williams and Liz Johnson are 60% and 40% partners, respectively, in Williams & Johnson Partnership, Their
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Question:
Phil Williams and Liz Johnson are 60% and 40% partners, respectively, in Williams & Johnson
Partnership, Their beginning basis is $33,000 for Phil and $31,000 for Liz. The partnership had the following activity during the year:
a. Calculate the ordinary income for the partnership and prepare page 1 of Form 1065.
b. What is the ending basis for Phil Williams?
c. What is the ending basis for Liz Johnson?
Related Book For
Fundamentals of Taxation 2018
ISBN: 9781259713736
11th Edition
Authors: Ana M. Cruz Dr., Michael Deschamps, Frederick Niswander, Debra Prendergast, Dan Schisler
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