Problem#7. a. How much income must Cameron report for the tax year? b. What is Cameron's basic in the partnership interest at the end of the year?Problem #10. How much of the loss from C&C may Cassandra deduct?

7. In the cur-tent year, the CAR Partnership received revenues of $450,000 and paid the following amounts: $180,000 in rent, utilities, and salaries; a $45,000 guaranteed payment to partner Ryan; $10,000 to partner Amy for consulting services; and a $40,000 distribution to 25% partner Cameron. In addition, the partnership realized a $12,000 net long- term capital gain. Cameron's basis in his partnership interest was $80,000 at the beginning of the year and included his $25,000 share of partnership liabilities. At the end of the year, his share of partnership liabilities was $10,000. a. How much income must Cameron report for the tax year? b. What is Cameron's basis in the partnership interest at the end of the year? 10.- Cassandra is a 10% limited partner in C&C, Ltd. Her basis in the partnership is $80,000 and she has an at risk investment of $45,000. She also has a passive income from another investment of $30,000. Cassandra allocated share of C & C loss for the year is $120,000. How much of the loss from C&C may Cassandra deduct