Doug purchases a 20% interest in the Quix Partnership for $10,000 on January 1, 2005, and begins to materially participate in the partnership's business. The Quix Partnership uses the calendar year as its tax year. At the time of the purchase, the Quix Partnership has $4,000 in liabilities, and Doug's share is 20%. What is Doug's basis in his partnership interest on January 1, 2009?

Answer rating: 100% (QA)

Answer 10800 Working Purchase of p... View the full answer