Wilson has a 40 percent interest in the assets and income of the CC&W Partnership, and the

Question:

Wilson has a 40 percent interest in the assets and income of the CC&W and the basis in his interest is $45,000 at the beginning of 2015. During 2015, the partnership's net loss is $60,000 and Wilson's share of the loss is $24,000. Also, Wilson receives a cash from the of $12,000 on June 30, 2015.
a. Indicate the amount of income or loss from the that should be reported by Wilson on his 2015 individual income tax return. $___________
b. Calculate Wilson's basis in his interest at the end of 2015. $___________
Distribution
The word "distribution" has several meanings in the financial world, most of them pertaining to the payment of assets from a fund, account, or individual security to an investor or beneficiary. Retirement account distributions are among the most... Partnership
A legal form of business operation between two or more individuals who share management and profits. A Written agreement between two or more individuals who join as partners to form and carry on a for-profit business. Among other things, it states...