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This year, Darrel's distributive share from Alcove Partnership includes $5,000 of interest income, $2,000 df dividend income, and $70,000 ordinary business income. Assume that Darrel
This year, Darrel's distributive share from Alcove Partnership includes $5,000 of interest income, $2,000 df dividend income, and $70,000 ordinary business income. Assume that Darrel does not materially participate in the partnership. How much of his distributive share from Alcove Partnership is potentially subject to the net investment income tax? 3 points Save Answer QUESTION 12 Oscar, Felix, and Marv are all one-third partners in the capital and profits of Eastside general partnership. In addition to their normal share of the partnership's annual income, Oscar and Felix receive annual guaranteed payments of $7.000 to compensate them for additional services they provide. Eastside's income statement for the current year reflects the following revenues and expenses Sales revenue Dividend income Short-term capital gains Cost of goods soid Employee wages Depreciation expense Guaranteed payments Miscellaneous expenses Overall net income $ 405,000 5,700 2,800 (210,000) (115,000) (28,000) (14,000) (9.500) 37.000 In addition, Eastside owed creditors $120,000 at the beginning of the year but managed to pay down its debts to $60,000 by the end of the year. All partnership debt is allocated equally among the partners. Finally, Oscar, Felix and Marv had a tax basis of $80,000 in their interests at the beginning of the year, What tax basis does Oscar have in his partnership interests at the end of the year
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