Joe owns a 50% interest in JJ Partnership. His tax basis in his partnership interest at the
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Question:
Joe owns a 50% interest in JJ Partnership. His tax basis in his partnership interest at the beginning of the year was $20,000. His partnership Schedule K-1 showed his share of the following items:
Share of ordinary business income $ 60,000
Share of partnership debt, beginning of year 30,000
Share of partnership debt, end of year 10,000
Calculate Joe's tax basis in his partnership interest at the end of the year?
Related Book For
South-Western Federal Taxation 2020 Comprehensive
ISBN: 9780357109144
43rd Edition
Authors: David M. Maloney, William A. Raabe, James C. Young, Annette Nellen, William H. Hoffman
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