Question
Can someone help me fix this answer? Im not sure what I am doing wrong. Wayne has a beginning basis in a partnership of $46,000.
Can someone help me fix this answer?
Im not sure what I am doing wrong.
Wayne has a beginning basis in a partnership of $46,000. His share of income and expense from the partnership consists of the following amounts:
Ordinary income | $86,000 |
Guaranteed payment | 24,000 |
Long-term capital gain | 31,000 |
1231 gain | 8,600 |
Charitable contributions | 4,000 |
179 expense | 36,000 |
Cash distribution | 12,000 |
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B. Calculate Waynes basis at the end of the year.
b. | Beginning Basis | $46,000 |
Income | 24,000 | |
LTCG | 31,000 | |
1231 Gain | 8,600 | |
Charitable Contribution | -4,000 | |
Section 179 | -36,000 | |
Cash Distribution | -12,000 | |
Ending Basis | 57,600 | |
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