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1) Smith is a 50% partner in Lyles Partners. Smith's tax basis in Lyles partners...

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1) Smith is a 50% partner in Lyles Partners. Smith's tax basis in Lyles partners on January 1 , year four, was $6,000. Lyles Partners made no distributions to the partners during year and recorded the following incomes. a 20,000 b 19,000 c 29,000 None of the above 2) On January 2 of the current year, Chang acquired a 50% interest in the SOI Partnership by contributing property with an adjusted basis of $9,000 and an fmv of $9,000. The property is subject to a mortgage of $1,000. What is Chang's basis in her partnership on January 2 ? A $3,500 B) $8,500 C) $4,000 d) $6,000 3) When a partner's share of partnership liabilities increases, that partner's basis in the partnership interest: a) Increases by the partner's share of the liabilities. b) Decreases by the partner's share of the liabilities. c) Betreases, but not to less than zero. di 15 not affected

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