Business, 12.08.2020 07:01 tia0625

Jerry, a partner with 30 percent capital and profits interest, received his Schedule K-1 from Plush Pillows, LP. At the beginning of the year, Jerry's tax basis in his partnership interest was $44,000. His current-year Schedule K-1 reported an ordinary loss of $9,000, long-term capital gain of $4,600, qualified dividends of $3,600, $2,100 of non-deductible expenses, a $26,000 cash contribution, and a reduction of $5,600 in his share of partnership debt. What is Jerry's adjusted basis in his partnership interest (outside basis) at the end of the year

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Jerry, a partner with 30 percent capital and profits interest, received his Schedule K-1 from Plush...

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