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Peg has an adjusted basis of $150,000 for his 40% ownership interest. During the year,...

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Accounting

Peg has an adjusted basis of $150,000 for his 40% ownership interest. During the year, the entity earns a profit of $100,000 and liabilities increased by $70,000. Determine Pegs adjusted basis for his ownership interest.

a. If the entity is a partnership.

b. If the entity is an S corporation.

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