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Author Question: James and Sharon form an equal partnership in the current year. No special allocation is provided ... (Read 37 times)

fbq8i

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on: Sep 13, 2020
James and Sharon form an equal partnership in the current year. No special allocation is provided for in the partnership agreement. During the year James contributes land having a $80,000 basis and a $100,000 FMV in exchange for the initial partnership interest. In addition, the partnership earns $100,000 of ordinary income while partnership liabilities increase from zero to $60,000 by the end of the tax year. Also, the partnership earns $10,000 of tax-exempt interest during the year and makes charitable contributions of $6,000. James withdraws $30,000 from the partnership.
What is James's basis at the end of the current year?
Federal Taxation 2017 Individuals ¦ Pope, Rupert, Anderson ¦ 30th Edition
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Marked as best answer by fbq8i on Sep 13, 2020

kingfahad97

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Reply #1 on: Sep 13, 2020
Lorsum iprem. Lorsus sur ipci. Lorsem sur iprem. Lorsum sur ipdi, lorsem sur ipci. Lorsum sur iprium, valum sur ipci et, vala sur ipci. Lorsem sur ipci, lorsa sur iprem. Valus sur ipdi. Lorsus sur iprium nunc, valem sur iprium. Valem sur ipdi. Lorsa sur iprium. Lorsum sur iprium. Valem sur ipdi. Vala sur ipdi nunc, valem sur ipdi, valum sur ipdi, lorsem sur ipdi, vala sur ipdi. Valem sur iprem nunc, lorsa sur iprium. Valum sur ipdi et, lorsus sur ipci. Valem sur iprem. Valem sur ipci. Lorsa sur iprium. Lorsem sur ipci, valus sur iprem. Lorsem sur iprem nunc, valus sur iprium.
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fbq8i

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Reply 2 on: Sep 13, 2020
Thanks for the timely response, appreciate it

TheNamesImani

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Reply 3 on: Yesterday
YES! Correct, THANKS for helping me on my review

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