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At the beginning of the tax year, Georges basis in the TTT Partnership was $50,000,...

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Accounting

At the beginning of the tax year, Georges basis in the TTT Partnership was $50,000, including his $5,000 share of partnership debt. At the end of the tax year, his share of the entity's debt was $8,000. His share of TTT's ordinary income for the year was $20,000, and he received cash distributions totaling $12,000. In addition, his share of the partnership's tax-exempt income was $1,000. Determine George's basis at the end of the tax year.

a. $62,000.

b. $55,000.

c. $74,000.

d. $12,000.

e. None of the above.

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