Smith is a 50% partner in Lyles Partners. Smiths tax basis in Lyles partners on...
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Smith is a 50% partner in Lyles Partners. Smiths tax basis in Lyles partners on January 1, year four, was $6,000. Lyles Partners made no distributions to the partners during year and recorded the following incomes. Tax Exempt Income 10,000 Portfolio Income 4,000 Ordinary Income 20,000 Capital Loss 6,000 At the yearend basis of Smith is a 20,000 b 19,000 c 29,000 d None of the above
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