Question
Kevin is a 30 percent general partner in ABC Partnership. His basis in his partnership interest at the beginning of the year was $40,000. During
Kevin is a 30 percent general partner in ABC Partnership. His basis in his partnership interest at the beginning of the year was
$40,000. During the year, the partnership reported a $30,000 loss and paid off a $120,000 recourse debt. What is Ryan's year-end basis in his partnership interest?
a. $0
b. $4,000
c. $5,000
d. $9,000
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Managerial Accounting
Authors: Wendy M. Tietz, Louis Beaubien, Karen W. Braun
3rd Canadian edition
