Jason purchased a 20 interest in jkl partnership for 20000, Ask an Expert

Accounting

Jason purchased a 20% interest in JKL Partnership for $20,000 at the beginning of the year. At year-end, the partnership reported net income of $15,000 and distributed $2,000 cash to Jason. What is Jason's year-end basis?

a) $20,000

b) $21,000

c) $23,000

d) $33,000

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M967807

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