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I did B, i need help with A, C and D, thank you! Allison, Keesha, and Steven each own an equal Interest In KAS Partnership,
I did B, i need help with A, C and D, thank you!
Allison, Keesha, and Steven each own an equal Interest In KAS Partnership, a calendar-year-end, cash-method entity. On January 1 of the current year, Steven's basis in his partnership Interest is $30,000. During January and February, the partnership generates $33,960 of ordinary Income and $5,436 of tax-exempt Income. On March 1, Steven sells his partnership interest to Juan for a cash payment of $51,600. The partnership has the following assets and no llabilitles at the sale date: 1. Assuming KAS's operating agreement provides for an InterIm closing of the books when partners' Interests change during the year, what Is Steven's basis in his partnership Interest on March 1 just prior to the sale? c. What Is Juan's Inltial basis in the partnership Interest? d. What is the partnership's basis in the assets following the saleStep by Step Solution
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