Garner is a 25% partner in classic General Partnership. On February 3, Garner's tax basis...
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Garner is a 25% partner in classic General Partnership. On February 3, Garner's tax basis in classic was $10,000 when she received a nonliquidating distribution of $5,000 cash. Classic had no unrealized receivables, appreciated inventory, or properties that had been contributed by its partners. classic reported the following for the same year: U.S Treasury interest $ 30,000 Ordinary business income 120,000 What amount of income from classic should Garner include in her gross income for that year? a. $7,500 b. $30,000 c. $37,500 d. $42,500
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