Benny is a partner in the BEN partnership. His outside basis is $275. He receives a distribution
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Question:
Benny is a partner in the BEN partnership. His outside basis is $275. He receives a distribution of $75 in cash:
1) If the distribution is taxable to Benny indicate the amount?
2) What is Benny's outside basis after the distribution?
3) If instead the distribution was $285 how much if any income would Benny report because of the distribution?
4) Bennys outside basis after the distribution? Of 285?
Related Book For
Income Tax Fundamentals 2013
ISBN: 9781285586618
31st Edition
Authors: Gerald E. Whittenburg, Martha Altus Buller, Steven L Gill
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