Paris, a 60% partner in OM Partnership, has a basis of $25,000 in her partnership interest. Paris receives a cash distribution of $24,000 at year-end. What is Paris's basis in her partnership interest at the end of the year? Multiple Choice $25,000. $1,000. $24,000. $0.
Paris, a 60% partner in OM Partnership, has a basis of $25,000 in her partnership interest. Paris receives a cash distribution of $24,000 at year-end. What is Paris's basis in her partnership interest at the end of the year? Multiple Choice $25,000. $1,000. $24,000. $0.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
Paris, a 60% partner in OM
Multiple Choice
-
$25,000.
-
$1,000.
-
$24,000.
-
$0.
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