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11-32 Basis. A calendar year business reports the following information as of the end of 2019 and 2020: 2019 2020 Accounts payable to suppliers $10,000
11-32 Basis. A calendar year business reports the following information as of the end of 2019 and 2020: 2019 2020 Accounts payable to suppliers $10,000 $11,000 Note payable to City Bank. 40,000 37,000 Note payable to H. 12,000 10,000 Cash distributions to owners 20,000 Net ordinary income 15,000 15,000 H, a 30% owner, had a basis in the business at the end of 2018 of $9,000. Calculate H's basis in his ownership interest at the end of 2020 assuming the business is one of the following a. A partnership b. An S corporation
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