Business, 05.05.2020 11:49 JoeWeiss674

Bobbie and Fran are partners in the Quick Freeze partnership, owning respectively 60 percent and 40 percent of the partnership's capital and profits. At the beginning of 2017, their bases in their partnership interests were $18,000 and $12,000, respectively. During the year, the partnership had the following items of income: partnership ordinary income, $30,000; long-term capital gains, $10,000; and tax-exempt income from municipal bond interest, $5,000. The partnership distributed $12,000 to Bobbie and $8,000 to Fran. Their respective bases in their partnership interests at the end of 2017 were:

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Bobbie and Fran are partners in the Quick Freeze partnership, owning respectively 60 percent and 40...

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