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KLMN Partnership's financial records show the following: Gross receipts from sales Cost of goods sold Operating expenses Business meals not provided by a restaurant Section
KLMN Partnership's financial records show the following: Gross receipts from sales Cost of goods sold Operating expenses Business meals not provided by a restaurant Section 1231 loss on equipment sale Charitable contribution Distributions to partners $ 670,000 (460,000) (96,800) (6,240) (13,500) (1,500) (10,000) Mr. Ty is a 10 percent general partner in KLMN. During the year, he received a $1,000 cash distribution from KLMN. c. How would your basis computation change if KLMN's debt at the end of the year was $28,000 more than its debt at the beginning of the year? Complete this question by entering your answers in the tabs below. Required A Required B Required C How would your basis computation change if KLMN's debt at the end of the year was $28,000 more than its debt at the beginning of the year? Adjusted basis increases by < Required B Required C >
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