On August 19 of the tax year, Devante contributed $9,500 for a 30% interest in the general
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Question:
On August 19 of the tax year, Devante contributed $9,500 for a 30% interest in the general partnership, Kicks and Tixs. The partnership took out a loan for $29,000 on August 1. The partnership does not have any other liabilities. Devante's distributive share for the year was $6,300. What is his ending basis for the partnership?
1-$9,500
2- $15,800
3- $24,500
4- $44,800
Related Book For
Accounting Texts and Cases
ISBN: 978-1259097126
13th edition
Authors: Robert Anthony, David Hawkins, Kenneth Merchant
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