Business, 01.04.2021 18:50 dsaefong00
Hilary had an outside basis in LTL General Partnership of $14,000 at the beginning of the year. LTL reported the following items on Hilary's K-1 for the year: ordinary business income of $9,000, a $14,000 reduction in Hilary's share of partnership debt, a cash distribution of $24,000, and tax-exempt income of $7,000. 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 $14,000 at the beginning of the year. LTL...
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