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Styling Shoes, LLC. filed its 20x8 Form 1065 on March 15, 20x9 Styling had three members with the following ownership interests and tax bases
Styling Shoes, LLC. filed its 20x8 Form 1065 on March 15, 20x9 Styling had three members with the following ownership interests and tax bases at the beginning of 20x8: (1) Jane, a member with a 25 percent profits and capital interest and a $12,000 outside basis, (2) Joe, a member with a 45 percent profits and capital interest and a $17,000 outside basis, and (3) Jack, a member with a 30 percent profits and capital interest and a $9,000 outside basis. The following items were reported on Styling's Schedule K for the year: ordinary income of $114,000, Section 1231 gain of $22.000. charitable contributions of $32.000, and tax-exempt income of $10,000. In addition, Styling received an additional bank loan of $19.000 during 20x8 What is Jane's tax basis after adjustment for her shore of these Rems? Mutiple Choice 0 O O $40.500 $45250 $4,900 $76850 < Prev 13 of 50 Next >
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