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Meredith and Christina formed Grey Partnership in 2009. They are equal partners. The partnership recourse debt balance at the end of 2018 is $140,000. Meredith's
- Meredith and Christina formed Grey Partnership in 2009. They are equal partners. The partnership recourse debt balance at the end of 2018 is $140,000. Meredith's outside basis at the beginning of 2019 is $150,000. Christina's outside basis at the beginning 2019 is $125,000. At the end of 2019 Grey's recourse debt balance is $30,000. The partnership debt is shared equally between the partners. Below is additional information regarding Grey's activities for 2019.
Cash distribution to Meredith $25,000
Long Term capital gain $3,000
Interest Income (bank) $4,600
Tax Exempt Income $3,000
Charitable contributions $10,000
Living expenses paid on behalf of Christina $20,000
Ordinary Business Income $480,000
Section 179 $200,000
What is Christinas outside basis at the end of the year? (Show all work)
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