Dean is a 25% partner in Target Partnership. Dean's tax basis in Target on January 1,...

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Dean is a 25% partner in Target Partnership. Dean's tax basis in Target on January 1, 20X1, was $20,000. At the end of 20X1, Dean received a non-liquidating cash distribution of $8,000 from Target. Target's 20X1 accounts recorded the following items: Municipal bond interest income Ordinary Income What was Dean's tax basis in Target on December 31, 20X1? Dean is a 25% partner in Target Partnership. Dean's tax basis in Target on January 1, 20X1, was $20,000. At the end of 20X1, Dean received a non-liquidating cash distribution of $8,000 from Target. Target's 20X1 accounts recorded the following items: Municipal bond interest income Ordinary Income $ 12,000 40,000 What was Dean's tax basis in Target on December 31, 20X1? $ 12,000 40,000 Dean is a 25% partner in Target Partnership. Dean's tax basis in Target on January 1, 20X1, was $20,000. At the end of 20X1, Dean received a non-liquidating cash distribution of $8,000 from Target. Target's 20X1 accounts recorded the following items: Municipal bond interest income Ordinary Income What was Dean's tax basis in Target on December 31, 20X1? Dean is a 25% partner in Target Partnership. Dean's tax basis in Target on January 1, 20X1, was $20,000. At the end of 20X1, Dean received a non-liquidating cash distribution of $8,000 from Target. Target's 20X1 accounts recorded the following items: Municipal bond interest income Ordinary Income $ 12,000 40,000 What was Dean's tax basis in Target on December 31, 20X1? $ 12,000 40,000

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