Question: What was Jones initial basis in the partnership interest? a. $51,000 b. $45,000 c. $39,000 d. $33,000 Items 28 and 29 are based on the

What was Jones’ initial basis in the partnership interest?

a. $51,000

b. $45,000

c. $39,000

d. $33,000 Items 28 and 29 are based on the following:

Flagg and Miles are each 50% partners in Decor Partnership.

Each partner had a $200,000 tax basis in the partnership on January 1, 2010. Decor’s 2010 net business income before guaranteed payments was $45,000. During 2010, Decor made a $7,500 guaranteed payment to Miles for deductible services rendered.

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