Gray is a 50% partner in Fabco Partnership, Gray's tax basis in Fabco on January 1, year
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Gray is a 50% partner in Fabco Partnership, Gray's tax basis in Fabco on January 1, year 4, was $5,000. Fabco made no distributions to the partners during year 4 and recorded the following. Ordinary income Tax-exempt income Portfolio income $20,000 8,000 4,000 What is Gray's tax basis in Fabco on December 31, year 4?
a. $21,000
c. $12,000
b. $16,000
d. $10,000
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Related Book For 
Essentials Of Taxation Individuals And Business Entities 2019
ISBN: 9780357233290
1st Edition
Authors: William A Raabe, James C Young
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