Top Posters
Since Sunday
g
3
2
J
2
p
2
m
2
h
2
s
2
r
2
d
2
l
2
a
2
s
2
Home Q & A Board Other Fields Homework Help Business Accounting
New Topic  
Mandarini Mandarini
wrote...
Go to Answer
Posts: 1250
Rep: 0 0
7 years ago
A partnership has one general partner, Allen, who materially participates in the business. Allen had a $30,000 distributive share of ordinary losses for this year and the partnership had no separately stated gains or losses. There are no changes in liabilities during this year and there are no additional contributions or distributions. At the beginning of this year, the Sec. 705 basis was $40,000 and the at-risk basis was $15,000. The basis on December 31 of this year based on the above information is
A) $10,000.
B) $15,000.
C) $25,000.
D) $40,000.
Textbook 
Prentice Hall's Federal Taxation 2014 Corporations, Partnerships, Estates & Trusts

Prentice Hall's Federal Taxation 2014 Corporations, Partnerships, Estates & Trusts


Edition: 27th
Authors:
Read 106 times
1 Reply
Replies
Answer verified by a subject expert
RimounRimoun
wrote...
#1
Top Poster
Posts: 558
Rep: 15 0
7 years ago
Sign in or Sign up in seconds to unlock everything for free
More solutions for this book are available here
1

Related Topics

Mandarini Author
wrote...

7 years ago
Thanks
shangshang
wrote...

Yesterday
Thanks for your help!!
fgarza2146
wrote...

2 hours ago
Good timing, thanks!
New Topic      
Quick Reply
Explore
Post your homework questions and get free online help from our incredible volunteers
  878 People Browsing
 101 Signed Up Today
Start New Topic Take the Tour CoursesNew Study Tools Topics Trending Browse by Textbook
Related Images
  
 1686
  
 8941
  
 244