Question
Kalyke and Autonoe formed Interstellar Partnership. At the beginning of the year Kalyke had a beginning basis of $155,000 and Autonoe had a beginning basis
Kalyke and Autonoe formed Interstellar Partnership. At the beginning of the year Kalyke had a beginning basis of $155,000 and Autonoe had a beginning basis of $102,000. Kalyke received a 18% capital and profits interest in the partnership and Autonoe received the remaining interest. During the year Kalyke contributed an additional piece of property with an adjusted basis of $73,000 and a fair market value of $57,000. The partnership also assumed the liability associated with the property which was $36,000. The partnership had net income of $61,000 before considering withdrawals and guaranteed payments. Kalyke received a guaranteed payment of $26,000 and Autonoe made a withdrawal of $16,000. What is Autonoes basis in her partnership interest at the end of the year?
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