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On October 11, Irwin contributed $7,500 for a 20% interest in the general partnership, Patti's Pastries. The partnership took out a loan for $19,000 on

On October 11, Irwin contributed $7,500 for a 20% interest in the general partnership, Patti's Pastries. The partnership took out a loan for $19,000 on November 1. Irwin's distributive share of income for the year was $4,200. What is his ending basis in the partnership for this year?

A. $7,500

B. $11,700

C. $15,500

D. $30,700

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