16- Enercio contributes $136,400 in exchange for a 40% interest in the calendar year ABC LLC, which is taxed as a partnership. This year, the LLC generates $109,120 of ordinary taxable income and has no separately stated income or expenses. Enercio withdrew $13,640 from the partnership during the year.

If an amount is zero, enter "0".

A- Enercio is taxed on what amount of ABC's income?

answer........................

B- How much of the $13,640 withdraw will Enercio be taxed?

Answer.......................

17- Jason is a 50% partner in Shadow Lake Partnership. Jasons tax basis in Shadow Lake on January 1 was $40,000. During the year, Shadow Lake reported net ordinary income of $100,000 and tax exempt income of $10,000. In addition, Shadow Lake distributed $30,000 to each of the partners ($60,000 total). At the end of the tax year, Jasons share of partnership liabilities increased by $20,000. What is Jasons basis in the partnership interest at the end 2020?

Answer: ..........................