Question: Problem 1 4 - 5 4 ( LO 1 4 - 2 , 1 4 - 3 ) Wade has a beginning basis in a

Problem 14-54(LO 14-2,14-3)
Wade has a beginning basis in a partnership of $23,000. His share of income and expense from the partnership consists of the following amounts:
Ordinary income $ 43,000
Guaranteed payment 12,000
Long-term capital gain 15,500
1231 gain 4,300
Charitable contributions 2,000
179 expense 18,000
Cash distribution 6,000
Required:
What is Wades self-employment income?
Calculate Wades basis at the end of the year.

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