Question
On May 1, Irwin contributed $10,000 for a 20% interest in a general partnership. The partnership took out a loan for $30,000 on July 1.
On May 1, Irwin contributed $10,000 for a 20% interest in a general partnership. The partnership took out a loan for $30,000 on July 1. Irwin's distributive share of income for the year was $6,000. What is his ending basis in the partnership for this year?
A: $10,000
B: $16,000
C: $22,000
D: $46,000
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Money, Markets And Capital The Case For A Monetary Analysis
Authors: Jean Cartelier
1st Edition
0815355777, 9780815355779
