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ASSUMING A AND B SHARE EQUALLY IN THE PROFITS OF THE AB PARTNERSHIP. ON JAN1, 2013 , A BASIS IN HIS PARTNERSHIP WAS30,000 AND B'S
ASSUMING A AND B SHARE EQUALLY IN THE PROFITS OF THE AB PARTNERSHIP. ON JAN1, 2013 , A BASIS IN HIS PARTNERSHIP WAS30,000 AND B'S BASIS WAS 5000. EACH PARTNER RECEIVED 20,000 CASH ON JULY 11, 2013. PARTNERSHIP TAXABLE INCOME FOR 2013 WAS 24,000. NEITHER OF THE PARTNERS MADE CONTRIBUTIONS TO THE PARTNERHSIP DURING 2013 AND THEIR SHARE OF LIABLITIES DID NOT CHANGE DURING THE YEAR
THE BASIS OF EACH PARTNERSHIP INTEREST IS COMPUTED AT DEC31,2013 AS
22,000/0
42,000/17,000
10,000/0
22,000/$($3000)
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