The part share of abs ? O $40.000 O $50,000 O $85.000 $80,000 Mark for follow up Question 37 of 75. The basis of a partner's partnership interest is increased by: O Charitable contributions The partner's distributive share of partnership losses The partner's distributive share of partnership ordinary income butions of money and the s e basis of the property ributed to the partner Mark for follow up Mark for follow up Question 32 of 75. On a partner's Schedule K-1. Item L O is required when Schedule B, line 4 is checked yes." O is completed only when the partnership uses GAAP accounting, O Shows any increase in the partner's account O Reports the partner's basis in the partnership Mark for follow up Question 33 of 75 For partnerships, the qualified business income IQB) items reported on Schedule K-1 should include the Section 199A business income, the W-wages of any qualified trade or business, and The adjusted basis of qualified property The unadjusted basis of qualified property The webs offed property and guaranteed payments made to the partners The uradjusted basis of qualified property and guaranteed payments made to the partners in de ofery Mark for follow up Question 34 of 75. Jane O'Neil owns a 50% interest in partnership J&B. She contributes a computer system with a FMV of $15.000 and an adjusted basis of $10,000 to the partnership. The partnership's basis in the computer system will be Jane's outside basis will increase by O $10,000 $10,000 O $10,000 $15,000 O $15.000 $10,000 $15 000 $15.000 Mark for follow up Question 35 of 75 Zarah od $30.000 share of part partnership for $15.000 cash when her outside basis was $5.000. She was relieved afhe s What is Zarar's recognised gain or loss from the sale of her partnership Jas - Marcus is a general partner who owns a 50% interest in Barron Enterprises. Malcolm is a limited partner who owns 50%. The partnership has $50,000 in recourse liabilities and $30,000 in nonrecourse liabilities. What is Marcus' total share of liabilities? O $40,000 $50,000 O $65,000 O $80,000 Mark for follow up Question 37 of 75. The basis of a partner's partnership interest is increased by: O Charitable contributions. The partner's distributive share of partnership losses. The partner's distributive share of partnership ordinary income Distributions of money and the adjusted basis of other property distributed to the partner. Mark for follow up Back Save / Return Later Summary Next >>