Ruby's tax basis in her partnership interest at the beginning of the partnership's tax year was $14,275. The following items were included in her Schedule K-1 from the partnership for the year:

Cash Distribution	$	4,500
Ordinary Business Loss	$	(12,000	)
Short-Term Capital Gains	$	4,000
Reduction in Ruby's Share of Partnership Debt	$	2,000

Determine what amounts related to these items Ruby will report on her tax return assuming her tax basis and at-risk amount are equal and that she is a material participant in the partnership's activities.

Answer rating: 100% (QA)

Ruby as a partner is having a tax basis of 14275 Schedule K1 in... View the full answer