Wayne has a beginning basis in a partnership of $46,000. Hisshare of income and expense from the partnership consists of thefollowing amounts: Ordinary income $86,000, Guaranteed payment24,000, Long-term capital gain 31,000, §1231 gain 8,600, Charitablecontributions 4,000, §179 expense 36,000, Cash distribution12,000.
Beginning basis = $46,000
Guaranteedpayment = $24,000
Long-term Capitalgain = $31,000
1231gain = $8,600
$109,600
Charitablecontributions = ($4,000)
179Expense = ($36,000)
Cashdistribution = ($12,000)
End of yearbasis = $57,600
I was told my answer of $57,600 was incorrect, anyadvice?
