Gray is a 50% partner in Fabco Partnership. Grays tax basis in Eabco on January 1, year

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Gray is a 50% partner in Fabco Partnership. Gray‘s tax basis in Eabco on January 1, year 4. was $3,000. Fahco made no distributions to the partners dun‘ng year 4 and recorded the following:

Ordinary income.................$20,000
Tax-exempl Income.................8,000
Portfolio income......................4,000

What is Gray's lax basis in Fabcu on December 31, year 4?
a. $21,000
b. $16,000

c. $12,000

d. $10,000

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Related Book For answer-question

South-Western Federal Taxation 2019 Comprehensive

ISBN: 9781337703017

42th Edition

Authors: David M. Maloney, William A. Raabe, William H. Hoffman, James C. Young

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Question Posted: Jun 03, 2019 03:46 AM

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Gray is a 50% partner in Fabco Partnership. Grays tax basis in Eabco on January 1, year

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South-Western Federal Taxation 2019 Comprehensive

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