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please provide how to solve this An examination of the XYZ Partnership's tax books provides the following information for the current year: Operating (ordinary) income
please provide how to solve this An examination of the XYZ Partnership's tax books provides the following information for the current year: Operating (ordinary) income before guaranteed $900,000 payments 6,000 12,000 30,000 Short term capital loss Long term capital gain Guaranteed payment to Chris for services Cash distributions to Chris Nondeductible entertainment expenses Charitable contributions made by partnership Increase in partnership liabilities from 1/1-12/31 15,000 2,000 4,000 30,000 Chris is a 20% general partner in partnership capital, profits, and losses. Assume the adjusted basis of her partnership interest is $75,000 at the beginning of the year, and she shares in 20% of the partnership's liabilities for basis purposes. a. How much of the above amounts will XYZ Partnership allocate to Chris for the current year? b. What is Chris adjusted basis for the partnership interest at the end of the year
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