At the beginning of the tax year, Barnaby's basis in the BBB Partnership was $136,400, including his $13,640 share of partnership debt. At the end of the tax year, his share of debt was $20,460. His share of the partnership's income for the year was $54,560, and he received cash distributions totaling $34,100. In addition, his share of the partnership's nontaxable income was $2,728.
At the beginning of the tax year, Barnaby's basis in the BBB Partnership was $136,400, including his $13,640 share of partnership debt. At the end of the tax year, his share of debt was $20,460. His share of the partnership's income for the year was $54,560, and he received cash distributions totaling $34,100. In addition, his share of the partnership's nontaxable income was $2,728.
SWFT Essntl Tax Individ/Bus Entities 2020
23rd Edition
ISBN:9780357391266
Author:Nellen
Publisher:Nellen
Chapter14: Partnerships And Limited Liability Entities
Section: Chapter Questions
Problem 2BCRQ
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At the beginning of the tax year, Barnaby's basis in the BBB
How much is Barnaby's basis at the end of the tax year?
$_________
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