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1) Smith is a 50% partner in Lyles Partners. Smith's tax basis in Lyles partners on January 1, year four, was $5,000. Lyles Partners made
1) Smith is a 50% partner in Lyles Partners. Smith's tax basis in Lyles partners on January 1, year four, was $5,000. Lyles Partners made no distributions to the partners during year and recorded the following incomes. Tax Exempt Income 10,000 Portfolio Income 4,000 Ordinary Income 20,000 Capital Loss -6,000 At the yearend basis of Smith is 0 a 19,000 c 29,000 d None of the above
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