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Question 12 2.3 pts Imelda provided accounting and tax services to Acacia, a partnership. As compensation for her services Imelda received a 10 percent
Question 12 2.3 pts Imelda provided accounting and tax services to Acacia, a partnership. As compensation for her services Imelda received a 10 percent interest in the partnership. Acacia currently has $20,000 of nonrecourse debt and no recourse debt. The current fair value of Acacia's capital is $60,000. If Imelda receives a 10 percent capital and profits interest, how much income must she report and what is her tax basis in the partnership interest? $2,000 income: $6,000 basis O $6,000 income; $8,000 basis O $6,000 income; $6,000 basis $8,000 income; $2,000 basis
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