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At the beginning of 2020, Davids basis in the Avery Operations Partnership was $20,000 including his share of the partnership debt which was $5,000. However,
At the beginning of 2020, Davids basis in the Avery Operations Partnership was $20,000 including his share of the partnership debt which was $5,000. However, by the partnerships year end Davids share of the partnership debt was $8,000. Davids share of the partnership income was$11,000 and he received a distribution of cash in the amount of $6,000 on the last day of the partnerships tax year. What is Davids basis at the partnerships year end? (show your calculations)
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