Gavin owns a 50% interest in London Partnership. His tax basis in his partnership interest at the beginning of the year was $20,000. His partnership Schedule K-1 showed the following: Ordinary business income $ 60,000 Share of partnership debt, beginning of year 10,000 Share of partnership debt, end of year 15,000 Calculate Gavin's tax basis in his partnership interest at the end of the year
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Gavin owns a 50% interest in London Partnership. His tax basis in his partnership interest at the be...
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