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$9)$ An individual owns $15\%$ of the stock of an S corporation.

At the beginning of the year, the basis for that share of the stock is $$545,000.$ During the year, the corporation has ordinary income of $$975,000,$ bond income of $$75,000,$ long$-$term capital gains of $$20,000,$ but it also sells a major office building that it has held for several years at a $$450,000$ loss.

The corporation$$s tax year is the same as the calendar year.

What is the individual$$s basis at the end of the year?

$10)$ An individual receives a $25\%$ share in a partnership in exchange for contributing some property with a fair market value of $$125,000$ to the partnership. The property had a $$60,000$ basis to the partner, and the partnership also assumes the individual$$s $$25,000$ in liabilities related to the purchase of the property.

What is the individual$$s basis in the partnership if the partnership had $$100,000$ in liabilities prior to this transaction?

$11)$ Mark, a partner with $25\%$ capital and profit interest, received his Schedule K$-1$ from Buzz Lightyear Toys LP$.$ At the beginning of the year, Mark's tax basis in his partnership interest was $$140,000.$

Mark's current year's Schedule K$-1$ reported an ordinary loss of $$25,000,$ long$-$term capital gain of $$13,000,$ qualifying dividends of $$2,000,$ $$6,500$ of nondeductible expenses, a $$22,000$ cash contribution, and a reduction of $$5,000$ in his share of partnership debt.

What is Mark's adjusted basis in his partnership interest at the end of the year?

Ignore any possible effect of a qualified business income $($QBI$)$ deduction.

$12)$ An individual is liquidating a stake in a partnership. The individual$$s predistribution basis for the partnership is $$65,000,$ and the individual contributed $$97,000$ in cash when entering the partnership.

In a liquidating distribution, a partner will receive $$75,000$ in cash.

What are the tax consequences to the partner?

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