7)

Jims basis in his partnership is $100,000. His share of the current year partnership income is $50,000. The partnership paid him a $60,000 distribution in the current year. What is his new basis in the partnership at the end of the year and what is his taxable income from the partnership?

(2pts)

Question 7 - Jims basis in his partnership is $100,000. His share of the current year partnership income is $50,000. The partnership paid him a $60,000 distribution in the current year. What is his new basis in the partnership at the end of the year and what is his taxable income from the partnership?

	$100,000; $110,000
	$150,000; $110,000
	$90,000; $50,000
	$90,000; $110,000