John has a 20 stake in the partnership and receives no, Ask an Expert

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The Partnership has gross operating revenue of $400,000, cost of sales of $150,000, salaries to employees of $40,000, a $25,000 Section 179 expense deduction, $10,000 of other depreciation, interest income of $3,000, a $4,000 capital loss, and a $600 charitable contribution deduction.

What are the partnership's bottom line net income and its separately stated items?

John has a 20% stake in the Partnership and receives no distributions from the partnership during the year. He has a $55,000 basis in her partnership interest at the end of the year after all income/loss items have been passed through to her. What was his beginning-of-the-year basis in his partnership interest?

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M965506

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