A and B contribute $20,000 each to form the AB partnership and agree to share profits and
Question:
A and B contribute $20,000 each to form the AB partnership and agree to share profits and losses 80% to A and 20% to B. AB’s partnership items for the year are as follows:
(a) What is A’s portion of partnership income for the year?
(b) What is A’s outside basis at the beginning of the next year?
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Related Book For
Partnership Taxation
ISBN: 9781642428926
9th Edition
Authors: Stephen Schwarz, Daniel Lathrope, Brant Hellwig
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