Question
Ryan is a 30 percent general partner in ABC Partnership. His basis in his partnership interest at the beginning of the year was $40,000. During
Ryan is a 30 percent general partner in ABC Partnership. His basis in his partnership interest at the beginning of the year was
$40,000. During the year, the partnership reported a $30,000 loss and paid off a $120,000 recourse debt. What is Ryan's year-end basis in his partnership interest?
- a. $0
- b. $4,000
- c. $5,000
- d. $9,000
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Fundamentals of Financial Accounting
Authors: Fred Phillips, Robert Libby, Patricia Libby, Brandy Mackintosh
4th Canadian edition
978-1259269868, 978-1259103292
