on January 1 year 1 Malik had a basis in his partnership interest of 30,000...
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Accounting
on January 1 year 1 Malik had a basis in his partnership interest of 30,000 malik has a one-third interest and materiality participants in the partnership business. In year 1 the partnership has a $162,000 loss. In year 2 the partnership had a $114,000 profit. assuming the partnership had no outstanding liabilities what amount of income or loss must Malik report on his year 2 individual income tax return
a. $(54,000)
b. $14,000
c. $(24,000)
d. $38,000
Please answer it correctly and asap. Thanks
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