Hilary had an outside basis in LTL General Partnership of $18,000 at the beginning of the year. LTL reported the following items on Hilary's K-1 for the year: ordinary business income of $13,000, a $18,000 reduction in Hilary's share of partnership debt, a cash distribution of $28,000, and tax-exempt income of $11,000. What is Hilary's adjusted basis at the end of the year

$4,000 of capital gain leaving her with a $0 basis in her partnership interest.

Explanation:

Calculation to determine What is Hilary's adjusted basis at the end of the year

Ending adjusted basis =($18,000 + $13,000 + $11,000 - $18,000 - $28,000 = $(4,000) + $4,000 = 0).

Based on the above calculation Hilary's adjusted basis at the end of the year will be the amount of $4,000 of CAPITAL GAIN leaving her with a $0 BASIS in her partnership interest.

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answer; normative economics;