Question
Joe owns a 50% interest in JJ Partnership. His tax basis in his partnership interest at the beginning of the year was $20,000. His partnership
Joe owns a 50% interest in JJ Partnership. His tax basis in his partnership interest at the beginning of the year was $20,000. His partnership Schedule K-1 showed his share of the following items:
| Share of ordinary business income | $ 60,000 |
|---|---|
| Share of partnership debt, beginning of year | 30,000 |
| Share of partnership debt, end of year | 10,000 |
Calculate Joe's tax basis in his partnership interest at the end of the year?
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Information System Audit How To Control The Digital Disruption
Authors: Philippe Peret
1st Edition
1032136162, 978-1032136165
