Jamie contributed fully depreciated ($0 basis) property valued at $30,000 to the

Question

Jamie contributed fully depreciated ($0 basis) property valued at $30,000 to the JKLM Partnership in exchange for a 40% interest in partnership capital and profits. During the first year of partnership operations, JKLM had net taxable income of $80,000 and tax-exempt income of $10,000. The partnershp distributed $20,000 cash to Jamie. Her share of partnership recourse liabilities on the last day of the partnershp year was $13,000. What is Jamie's adjusted basis (outside basis) for her partnership interest at the end of the tax year?

Please show work!!

Explanation / Answer

$59,000.

Related Questions

Navigate

• Browse (All)
• Browse J
• Subjects

Integrity-first tutoring: explanations and feedback only — we do not complete graded work. Learn more.