Shana is a 20 percent limited partner in the STU partnership. Her basis in her partnership interest

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Shana is a 20 percent limited partner in the STU partnership. Her basis in her partnership interest is $40,000 when she decides to abandon her partnership interest.The partnership’s balance sheet is as follows:

Net Assets $203,000 Liabilities $200,000 Shana-Capital 1,000 Tom-Capital 1,000 Urban-Capital 1,000 AppendixLO1

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Taxation For Decision Makers 2008

ISBN: 9780324654110

2nd Edition

Authors: Shirley Dennis-Escoffier, Karen A. Fortin

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