Gavin owns a 50% interest in London Partnership. His tax basis in his partnership interest at the beginning of the year was $20,000. His partnership Schedule K-1 showed the following: Ordinary business income$60,000 Share of partnership debt, beginning of year 10,000 Share of partnership debt, end of year 15,000 Calculate Gavin's tax basis in his partnership interest at the end of the year?
A. $95,000
B. $65,000
C. $75,000
D. $85,000
Answer: D
You might also like to view...
Identify one of the main reasons for salespeople's improper attitudes toward obtaining commitment.
What will be an ideal response?
Brand associations consist of all brand-related thoughts, feelings, perceptions, images, experiences, beliefs, attitudes, and so on that become linked to the brand node
Indicate whether the statement is true or false
Create a common-size income statement and balance sheet for 2017 and 2016. These statements should be created on a separate worksheet with all formulas linked directly to the income statement and balance sheet. Using the common-size income statement for 2017, create a forecasted income statement for 2018 assuming that each item is expected to remain in the same proportion as in 2017. The forecasted sales for 2018 are $8,500,000.
External service desks may perform pre- and post-sales support; typically internal service desks don't provide this type of service.
Answer the following statement true (T) or false (F)