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Hi, I need a little help on the following question. Thank you.
Wayne has a beginning basis in a partnership of $46,000. His share of income and expense from the partnership consists of the following amounts:
Ordinary income $86,000
Guaranteed payment 24,000
Long-term capital gain 31,000
1231 gain 8,600
Charitable contributions 4,000
179 expense 36,000
Cash distribution 12,000
a. What is Waynes self-employment income?
b. Calculate Waynes basis at the end of the year
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