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...
A(n) ________ is a hearing before a trial in order to facilitate the settlement of a case.
A. en banc hearing B. arbitration C. settlement conference or pretrial hearing D. remittitur
When using Q-sort scaling ________ to ________ objects is a reasonable range
A) 60; 90 B) 90; 140 C) 60; 140 D) 40; 60
Ponzi Corporation Ponzi Corporation reported the following information for the year ended December 31, 2012. Net income $100,000 Dividends 6,000 Retained earnings at December 31, 2012 $120,000 Refer to the information provided above for Ponzi Corporation. What was the balance of retained earnings at January 1, 2012?
A) $ 21,000 B) $ 26,000 C) $106,000 D) $214,000
Which EOC configuration allows personnel to function in the EOC with minimal preparation or startup time?
A. ICS or ICS-like EOC structure B. Strategic Joint Command Structure C. Departmental Structure D. Incident Support Model (ISM) structure