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salmonelk636Lv1
28 Sep 2019
Hilary had an outside basis in LTL, General Partnership of$11,500 at the beginning of the year. LTL reported the followingitems on Hilary's K-1 for the year: ordinary business income of$6,500, a $11,500 reduction in Hilary's share of partnership debt,a cash distribution of $21,500, and tax-exempt income of $4,500.What is Hilary's adjusted basis at the end of the year?
A.) $-10,500.
B.) $-6,000.
C.) $0.
D.) $18,000.
$22,500.
Hilary had an outside basis in LTL, General Partnership of$11,500 at the beginning of the year. LTL reported the followingitems on Hilary's K-1 for the year: ordinary business income of$6,500, a $11,500 reduction in Hilary's share of partnership debt,a cash distribution of $21,500, and tax-exempt income of $4,500.What is Hilary's adjusted basis at the end of the year?
A.) $-10,500.
B.) $-6,000.
C.) $0.
D.) $18,000.
$22,500.
Reid WolffLv2
28 Sep 2019