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Business, 05.05.2020 08:38 jadynsantiago

Hilary had an outside basis in LTL General Partnership of $15,000 at the beginning of the year. LTL reported the following items on Hilary's K-1 for the year: ordinary business income of $10,000, a $15,000 reduction in Hilary's share of partnership debt, a cash distribution of $25,000, and tax-exempt income of $8,000. What is Hilary's adjusted basis at the end of the year

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Hilary had an outside basis in LTL General Partnership of $15,000 at the beginning of the year. LTL...
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