The basis of a partner's interest in a partnership is increased by: a. Decreases in partnership liabilities
Question:
The basis of a partner's interest in a partnership is increased by:
a. Decreases in partnership liabilities
b. Receipt by the partnership ofa n item of income that is excluded from the definition of gross income
¢. Gain recognized by another partner when the other partner sells an interest in the partnership at a gain
d. Payment by the partnership of nondeductible expense
e. Issuance of a promissory note to the partnership to pay for an additional interest in the partnership.
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Related Book For 
CCH Federal Taxation Basic Principles 2020
ISBN: 9780808051787
2020 Edition
Authors: Ephraim P. Smith, Philip J. Harmelink, James R. Hasselback
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