Question
On August 19 of the tax year, Devante contributed $9,500 for a 30% interest in the general partnership, Kicks and Tixs. The partnership took out
On August 19 of the tax year, Devante contributed $9,500 for a 30% interest in the general partnership, Kicks and Tixs. The partnership took out a loan for $29,000 on August 1. The partnership does not have any other liabilities. Devante's distributive share for the year was $6,300. What is his ending basis for the partnership?
1-$9,500
2- $15,800
3- $24,500
4- $44,800
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Financial Accounting In An Economic Context
Authors: Jamie Pratt
7th Edition
0470128828, 978-0470128824
