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Connie owns a one-third capital and profits interest in the calendar-year CDB Partnership. In 2018, Connie allocable share of partnership income and deductions were: $70,000
Connie owns a one-third capital and profits interest in the calendar-year CDB Partnership. In 2018, Connie allocable share of partnership income and deductions were:
$70,000 of ordinary business income
$2,000 of interest income
$4,000 of nondeductible expenses
$20,000 cash distribution
$15,000 decrease in Connies share of partnership liabilities
Connies basis in her partnership interest at the beginning of the year was $120,000. What is Connies basis in her partnership interest at the end of 2018?
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