Question
Sonia invested $80,000 this year to purchase a 30% interest in the BLA Partnership. The partnership reported $200,000 of net income from operations, a $2,000
Sonia invested $80,000 this year to purchase a 30% interest in the BLA Partnership. The partnership reported $200,000 of net income from operations, a $2,000 short-term capital loss, and a $10,000 charitable contribution. In addition, the partnership distributed $20,000 to Sonia and $10,000 each to partners Louise and Amanda. If the partnership has no beginning or ending liabilities, what is Sonia's basis in her partnership interest at the end of the year?
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Intermediate Accounting
Authors: Elizabeth A. Gordon, Jana S. Raedy, Alexander J. Sannella
1st edition
978-0133251579, 133251578, 013216230X, 978-0134102313, 134102312, 978-0132162302
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