Partner Beth has a basis of $10,000 in a partnership at the beginning of the year. She receives $6,000 in cash distributions, her distributive share of income is $5,000, and she receives a land distribution with a basis of $8,000 (FMV $20,000). What is Beth's partnership interest basis at the end of the year?
a. $0
b. $1,000
c. $9,000
d. $10,000
Answers (1)
Know the Answer?
Not Sure About the Answer?
Get an answer to your question ✅ “Partner Beth has a basis of $10,000 in a partnership at the beginning of the year. She receives $6,000 in cash distributions, her ...” in 📙 Business if there is no answer or all answers are wrong, use a search bar and try to find the answer among similar questions.
Search for Other Answers
You Might be Interested in
Phantom Corporation purchased equipment for $50,000, four years ago. The accumulated depreciation to date is $41,360. If they were able to sell the equipment today for $20,000, what would be the amount of tax due
Answers (1)
A letter-of-credit agreement between rural feed corporation and soybean farms, inc., requires rural feed's bank to pay soybean farms on receipt of invoices. this letter of credit is
Answers (1)
What is the Urban Dictionary definition of Makenzie
Answers (1)
A customer value proposition is a unique strength relative to competitors that provides superior returns, often based on quality, time, cost, or innovation.
Answers (1)
On your business card, you position your business as "the area's most creative cookery." This phrase is your A. logo. B. business name. C. parameter. D. slogan.
Answers (1)
New Questions in Business
Glassmaker has pre-merger $5 in debt and $10 in equity. Rate on debt is 11%. The risk free rate is 6%. The tax rate is 40%. The levered beta is 1.36. The equity risk premium is 4%.
Answers (1)
The Operations Section Chief: A. Sets up and maintains all incident facilities and food services. B. Coordinates communication between all responding agencies. C. Develops and implements strategies and tactics to achieve the incident objectives. D.
Answers (2)
A certain city reports the following year-end total assets: General Fund $18,400,000 Library Fund (a special revenue fund) 2,900,000 Debt Service Fund 2,600,000 Total governmental funds 26,300,000 Total governmental and enterprise funds combined
Answers (2)
A deposit of $870 earns interest rates of 10.7 percent in the first year and 8.7 percent in the second year. What would be the second year future value?
Answers (1)
Mitchell, a calendar year taxpayer, is the sole proprietor of a fast-food restaurant. His adjusted basis for the building and the related land is $450,000.
Answers (1)