Elaine's original basis in the Hornbeam Partnership was $30,000. Her share of the taxable income from the

Question:

Elaine's original basis in the Hornbeam was $30,000. Her share of the taxable income from the since she purchased the interest has been $90,000, and Elaine has received $80,000 in cash distributions from the Elaine did not recognize any gains as a result of the distributions. Calculate Elaine's current basis in her interest.
Partnership
A legal form of business operation between two or more individuals who share management and profits. A Written agreement between two or more individuals who join as partners to form and carry on a for-profit business. Among other things, it states...