Scott is a 25% partner in SA General partnership. His tax basis in his partnership...
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Scott is a 25% partner in SA General partnership. His tax basis in his partnership interest at the beginning of the year was $17,000. This year, SA Partnership reported a $36,000 loss from operations, Scott received a cash distribution of $5,000 during the year. What is Scott's tax basis in his partnership interest at the end of the year?
Liane purchased a 30% interest in Lopez General Partnership for $40,000 cash and begins immediately to actively paarticipate in the partnership. The partnership has $50,000 in existing liabilities when liane enters the partnership and the liabilities increase by $10,000 during the year. During the year the partnership incurs a $300,000 loss. How much of the loss can Liane deduct in the current year?
Danny has a basis of $4,000 in his s corp stock at the beginning of the current year. The corporation distributes $2500 Cash to him at the end of the year and his share of income is $1,500. What is his stock basis at the beginning of the following tax year?
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