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Accounting
Please show work if possible, and please make sure answer is correct as its important. Thanks.
G and H form the GH partnership in 20x5. G and H are equal partners and each contributes $60,000 cash. During 20x5 the partnership has the following items: Taxable Income Capital Gains Tax-Exe mpt Intere st Mortgage Incurred Capital Loss Property Distributed to G $ 20,000 48,000 $ 12,000 $100,000 $ 40,000 FMV $70,000 Basis 40,000 G, H, and GH are calendar year taxpayers. G's basis for her partne rship interest as of 1/1/x6 is 0 O $90,000 None of these. O $60,000
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