The partners of Martin, Cynthia, Lilly Partnership, that is, Martin, Cynthia, and Lilly, share profits and losses in a ratio of 4:3:1, respectively. The adjusted basis of each partner, as of December 31, 2015, was as follows: Martin, $7,200; Cynthia, $6,000; and Lilly, $2,500. During 2015, the partnership incurred an operating loss of $15,000. The loss is not reflected in the basis figures above. As a result of this loss, what amount is deductible by Martin, Cynthia, and Lilly deduct, respectively, on their individual tax returns for 2015?

a. $6,000, $4,500, and $2,500

b. $6,000, $4,500, and $4,500

c. $7,000, $5,500, and $2,500

d. $7,100, $5,400, and $2,500

e. $7,200, $5,625, and $1,875

32. The TR Partnership had an ordinary operating loss of $48,000 for 2015. The partnership had assets of $58,500 and liabilities of $15,000 at the end of the year. Before allocation of the loss, partner Ashford's one-third capital interest had an adjusted basis of $10,000 at the end of 2015. How much may Ashford deduct on his individual tax return as his share of the partnership loss in 2015?

a. $14,500

b. $10,000

c. $16,000

d. $15,000

e. None of the above

33. Jim Cash, one of two equal partners, contributed business property with a basis to him of $15,000 and a fair market value of $10,000 to the partnership of which he was a member. His capital account was credited with $10,000. The property later was sold for $16,000. As a result of this sale, how much gain or loss is allocable to Jim?

a. $1,000 loss

b. $1,000 gain

c. $500 gain

d. $6,000 loss

e. None of the above

34. On July 1, 2015, Bertram acquired a 30 percent interest in Windward Partnership, by contributing property with an adjusted basis of $5,000 and a fair market value of $12,000. The property was subject to a mortgage of $8,000, which was assumed by Windward Partnership. What is Bertram's basis in his interest in Windward Partnership?

a. $0

b. $4,000

c. $5,000

d. $6,400