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The adjusted basis of David's partnership interest was $100,000 immediately before David received a current...

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Accounting

The adjusted basis of David's partnership interest was $100,000 immediately before David received a current distribution of $60,000 cash and property with an adjusted basis to the partnership of $80,000 and a fair market value of $70,000. What is David's tax basis in the property distributed to him? O a. $70,000 b. $80,000 c. $0 d. $40,000 QUESTION 31 Which of the following statements most accurately describes the concept of nexus? a. Nexus is a connection between a company and a state that is sufficient for the state to tax the company. b. Nexus is the need to allocate income between multiple taxing jurisdictions. c. Nexus is the ability of a state to impose higher taxes on companies doing business in that state but which are headquartered in another state. d. Nexus is the ability of a company to do business in a state. QUESTION 32 For S corporations with E&P, distributions are deemed to be paid from (1) existing accumulated E&P, (2) the AAA account, and (3) the shareholder's remaining basis in the S corporation stock, if any. a. False O b. True

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