at the beginning of the current year, James basis in her partnership interest was $85,000....

90.2K

Verified Solution

Question

Accounting

at the beginning of the current year, James basis in her partnership interest was $85,000. At the end of the year, Delphina received a k-1 from the partnership that showed the following: increase in share of partnership liabilites 10,400 cash distribution 11,000 partnership ordinary income 17,500 guaranteed payment 20,000 interest income 2,000 short term capital loss 3,400 charitable contribution 300 non deductible expenses 1,800 based on these facts: what is James basis in her partnership interest at the end of the year? A. $80,200 B. $109,400 C. $78,400 D. $98,400 E. $100,200

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students