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Augustus1 Augustus1
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7 years ago
James and Sharon form an equal partnership in the current year. No special allocation is provided for in the partnership agreement. During the year James contributes land having a $80,000 basis and a $100,000 FMV in exchange for the initial partnership interest. In addition, the partnership earns $80,000 of ordinary income while partnership liabilities increase from zero to $60,000 by the end of the tax year. Also, the partnership earns $10,000 of tax-exempt interest during the year and makes charitable contributions of $6,000. James withdraws $30,000 from the partnership.

What is James's basis at the end of the current year?
Textbook 
Prentice Hall's Federal Taxation: 2011: Individuals

Prentice Hall's Federal Taxation: 2011: Individuals


Edition: 14th
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We do not judge the people we love.

Prentice Hall's Federal Taxation by Kramer
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Yoko900Yoko900
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7 years ago
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Augustus1 Author
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#2
7 years ago
Your explanation helped, amazing amazing!
We do not judge the people we love.

Prentice Hall's Federal Taxation by Kramer
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