Wade has a beginning basis in a partnership of $31,000. His share of income and expense from the partnership consists of the following amounts: Ordinary income $53,4000 Guaranteed Payment $17,600 Long-term capital gain 21,900 1231 gain 5,100 Charitable contributions 2400 179 expense 27,600 Cash distribution 10,000 Required: a. What is Wade's self employment income? b. Calculate Wade's basis at the end of the year.
Wade has a beginning basis in a partnership of $31,000. His share of income and expense from the partnership consists of the following amounts: Ordinary income $53,4000 Guaranteed Payment $17,600 Long-term capital gain 21,900 1231 gain 5,100 Charitable contributions 2400 179 expense 27,600 Cash distribution 10,000 Required: a. What is Wade's self employment income? b. Calculate Wade's basis at the end of the year.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Wade has a beginning basis in a
Ordinary income $53,4000
Guaranteed Payment $17,600
Long-term
1231 gain 5,100
Charitable contributions 2400
179 expense 27,600
Cash distribution 10,000
Required:
a. What is Wade's self employment income?
b. Calculate Wade's basis at the end of the year.
| Amount | |
|
a. self-employment income
|
|
| b. ending basis |
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