Miguel contributed an additional $20,000 of cash to his partnership interest when his tax capital account...

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Miguel contributed an additional $20,000 of cash to his partnership interest when his tax capital account balance was $5,000. At the end of the year, he received a distributive share of ordinary income of $8,000 and a share of charitable contributions paid by the partnership of $1,000. What is Miguel's tax capital account balance in his partnership interest? Miguel contributed an additional $20,000 of cash to his partnership interest when his tax capital account balance was $5,000. At the end of the year, he received a distributive share of ordinary income of $8,000 and a share of charitable contributions paid by the partnership of $1,000. What is Miguel's tax capital account balance in his partnership interest?

Answer rating: 100% (QA)

Miguels tax capital account balance in his partnership interest would b... View the full answer