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 Ryans year-end basis in his partnership interest?
a. $9,000
b. $5,000
c. $4,000
d. $0
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started
Management Audits
Authors: Allan J. Sayle
3rd Edition
0951173901, 978-0951173909
