Partner Tami (a 20% partner) had the following items reported to her on a partnership Schedule K-1: Ordinary income Interest income Dividend income Section 179 expense Cash distribution Tami had a basis in her partnership interest of $14,000 at the beginning of the year. Additionally, the partnership has recours liabilities of $100,000 outstanding at the end of the year. What is Tami's basis in her partnership interest at the end of the ye Multiple Choice $11,200. $ 18,000 2,900 1,300 12,000 13,000 $31,200.

Partner Tami (a 20% partner) had the following items reported to her on a partnership Schedule K-1: Ordinary income Interest income Dividend income Section 179 expense Cash distribution Tami had a basis in her partnership interest of $14,000 at the beginning of the year. Additionally, the partnership has recours liabilities of $100,000 outstanding at the end of the year. What is Tami's basis in her partnership interest at the end of the ye Multiple Choice $11,200. $ 18,000 2,900 1,300 12,000 13,000 $31,200.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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