Mark was a 50% partner in M&P Partnership. Mark contributed $10,000 in cash upon formation...
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Mark was a 50% partner in M&P Partnership. Mark contributed $10,000 in cash upon formation of the partnership. M&P borrowed 10,000 to pruchase equipment. During the first year of operations, M&P had 15,000 net taxable income, 2000 tax-exempt interest income, a 3000 distribution to each partner, and a 4000 reduction of debt. At the end of the first year of operations, what amount would be Mark's basis in the partnership?
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