Elaines original basis in the Hornbeam Partnership was $30,000. Her share of the taxable income...
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Elaines original basis in the Hornbeam Partnership was $30,000. Her share of the taxable income from the partnership since she purchased the interest has been $90,000, and Elaine has received $80,000 in cash distributions from the
partnership. Elaine did not recognize any gains as a result of the distributions. Calculate Elaines current basis in her partnership interest.
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