Elaines original basis in the Hornbeam Partnership was $30,000. Her share of the taxable income from the
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Elaine’s original basis in the Hornbeam Partnership was $30,000. Her share of the taxable income from the partnership since she purchased the interest has been $90,000, and Elaine has received $80,000 in cash distributions from the partnership. Elaine did not recognize any gains as a result of the distributions.
Calculate Elaine’s current basis in her partnership interest.
$ _________
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Related Book For
Income Tax Fundamentals 2019
ISBN: 9781337703062
37th Edition
Authors: Gerald E. Whittenburg, Steven Gill
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