Question
Hilary had an outside basis in LTL General Partnership of $21,000 at the beginning of the year. LTL reported the following items on Hilary's K-1
Hilary had an outside basis in LTL General Partnership of $21,000 at the beginning of the year. LTL reported the following items on Hilary's K-1 for the year: ordinary business income of $16,000, a $21,000 reduction in Hilary's share of partnership debt, a cash distribution of $31,000, and tax-exempt income of $14,000. What is Hilary's adjusted basis at the end of the year?
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Forensic And Investigative Accounting
Authors: Crumbley D. Larry, Fenton Edmund D., Jr. Smith G. Stevenson
9th Edition
0808053221, 9780808053224
