Prairee partnership has four equal partners, Dodd, Crank, Pick, and Mack. Each of the partners had a
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Prairee partnership has four equal partners, Dodd, Crank, Pick, and Mack. Each of the partners had a tax basis of $320,000 as of January 1, 2017. Prairee’s 2017 net business income was $152,000. During 2017, Prairee paid Mack guaranteed payments of $4,000 for deductible services rendered. During 2017, each of the four partners took a distribution of $50,000. What is Mack’s tax basis in Prairee on December 31, 2017?
a. $307,000
b. $358,000
c. $422,000
d. $472,000
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a 307000 The guaranteed payment to Mack of 4000 is treated as an ord...View the full answer
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Related Book For
South Western Federal Taxation 2018 Essentials Of Taxation Individuals And Business Entities
ISBN: 9781337386173
21st Edition
Authors: William A. Raabe, James C. Young, Annette Nellen, David M. Maloney
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