Jennifer has a 25 percent interest in the Aspen Aircraft partnership. Her basis in her partnership interest is $10,000 at the beginning of the year. The partnership reported the following activity for the year: Ordinary income $40,000 Section 1231 gain $10,000 Charitable contribution $12,000 Total distributions to partners $28,000 What is Jennifer's basis in her partnership interest at the end of the year
Jennifer has a 25 percent interest in the Aspen Aircraft partnership. Her basis in her partnership interest is $10,000 at the beginning of the year. The partnership reported the following activity for the year: Ordinary income $40,000 Section 1231 gain $10,000 Charitable contribution $12,000 Total distributions to partners $28,000 What is Jennifer's basis in her partnership interest at the end of the year
Chapter20: Corporations And Partnerships
Section: Chapter Questions
Problem 57P
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Jennifer has a 25 percent interest in the Aspen Aircraft
|
Ordinary income |
$40,000 |
|
Section 1231 gain |
$10,000 |
|
Charitable contribution |
$12,000 |
|
Total distributions to partners |
$28,000 |
What is Jennifer's basis in her partnership interest at the end of the year?
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