Question: Can someone help me fix this answer? Im not sure what I am doing wrong. Wayne has a beginning basis in a partnership of $46,000.

Can someone help me fix this answer?

Im not sure what I am doing wrong.

Wayne has a beginning basis in a partnership of $46,000. His share of income and expense from the partnership consists of the following amounts:

Ordinary income

$86,000

Guaranteed payment

24,000

Long-term capital gain

31,000

1231 gain

8,600

Charitable contributions

4,000

179 expense

36,000

Cash distribution

12,000

B. Calculate Waynes basis at the end of the year.

b.

Beginning Basis

$46,000

Income

24,000

LTCG

31,000

1231 Gain

8,600

Charitable Contribution

-4,000

Section 179

-36,000

Cash Distribution

-12,000

Ending Basis

57,600

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