Lis a 35% general partner in the LMN Partnership. The partnership's records for the current year...

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Lis a 35% general partner in the LMN Partnership. The partnership's records for the current year show the following: 7. 720,000 (430,000) (81,000) 33,000 2,000 (9,400) (7,000) Gross receipts from sales Cost of sales Operating Expenses Net Income from rental real estate Dividend Income Business meals and entertainmentS Section 1231 loss L's outside basis in his partnership interest was $130,000 at the beginning of the year. During the year, partnership recourse liability increased by $20,000. The partnership had no nontecaurse liabilities. Partnership made no distribution during the year to its partners. LMN Calculate the partnership's taxable income for the current year. a. b. Calculate L's basis in the partnership at the end of the year. Lis a 35% general partner in the LMN Partnership. The partnership's records for the current year show the following: 7. 720,000 (430,000) (81,000) 33,000 2,000 (9,400) (7,000) Gross receipts from sales Cost of sales Operating Expenses Net Income from rental real estate Dividend Income Business meals and entertainmentS Section 1231 loss L's outside basis in his partnership interest was $130,000 at the beginning of the year. During the year, partnership recourse liability increased by $20,000. The partnership had no nontecaurse liabilities. Partnership made no distribution during the year to its partners. LMN Calculate the partnership's taxable income for the current year. a. b. Calculate L's basis in the partnership at the end of the year.

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