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At the beginning of 2012, Margaret's adjusted basis in her 50 percent interest in MP Partnership, a general partnership, was $10,000. During 2012, Margaret did not make any additional contributions to MP Partnership, and Margaret's share of MP Partnership liabilities did not change. During 2012, MP Partnership distributed $5,000 to Margaret, and MP Partnership had the following items of partnership income, deduction, gain and loss for 2012:

Separately stated taxable income $30,000
Tax-exempt interest $10,000
Capital loss ($20,000)

What is Margaret's adjusted basis in her partnership interest in MP Partnership at the end of 2012?

a. 0.

b. $10,000.

c. $15,000.

d. $25,000.

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  • Reference No.:- M938974

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