Assuming KAS's operating agreement provides for an interim closing of the books when partners' interests change during the year, what is Steven's basis in his partnership interest on March 1 just prior to the sale?
Problem 10-32 (LO 10-1) (Algo)
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Allison, Keesha, and Steven each owns an equal interest in KAS
| Tax Basis | FMV | |
|---|---|---|
| Cash | $ 40,000 | $ 40,000 |
| Land held for investment | 40,000 | 80,000 |
| Totals | $ 80,000 | $ 120,000 |
Problem 10-32 Part a (Algo)
a. Assuming KAS's operating agreement provides for an interim closing of the books when partners' interests change during the year, what is Steven's basis in his partnership interest on March 1 just prior to the sale?
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