Wade has a beginning basis in a partnership of $28,000. His share of income and...
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Accounting
Wade has a beginning basis in a partnership of $28,000. His share of income and expense from the partnership consists of the following amounts: Ordinary income $49,500 Guaranteed payment 15,500 Long-term capital gain. 19,500 1231 gain 4,800 Charitable contributions 2,250 179 expense Cash distribution 24,000 8,500 a. What is Wade's self-employment income? b. Calculate Wade's basis at the end of the year. a. Self-employment income b. Ending basis
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