on January 1, the basis for A's partnership Interest in the ABC Partnership is $50 A draws $10 each month from the partnership during the year The partnership is on a calendar year All distributions are in cash ABC has no profits from January to November, but has profits of $400 for December A's share of the profits is 40 percent Does A have taxable income or gain because of the withdrawals usring the first 11 months of the partnership's taxable year What financial accounting treatment regard ing the draws would ensure the best tax consequences

Question

on January 1, the basis for A's partnership Interest in the ABC Partnership is $50  A draws $10 each month from the partnership during the year  The partnership is on a calendar year  All distributions are in cash  ABC has no profits from January to November, but has profits of $400 for December  A's share of the profits is 40 percent  Does A have taxable income or gain because of the withdrawals usring the first 11 months of the partnership's taxable year  What financial accounting treatment regard  ing the draws would ensure the best tax consequences

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on January 1, the basis for A's partnership Interest in the ABC Partnership is $50. A draws $10 each month from the partnership during the

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