Jim's basis in his partnership is $200,000. His share of the current year partnership income is $60,000.
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Question:
Jim's basis in his partnership is $200,000. His share of the current year partnership income is $60,000. The partnership paid him a $75,000 distribution in the current year. What is his new basis in the partnership at the end of the year and what is his taxable income from the partnership?
a. $185,000; $135,000
b. $260,000; $60,000
c. $200,000; $75,000
d. $185,000; $60,000
e. $140,000; $60,000
Related Book For
South Western Federal Taxation 2016 Corporations Partnerships Estates and Trusts
ISBN: 9781305399884
39th edition
Authors: James Boyd, William Hoffman, Raabe, David Maloney, Young
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