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Fundamentals of Taxation 2011 4th Edition by Ana Cruz, Debra Prendergast, Dan Schisler, Michael Deschamps
Edition 4ISBN: 978-0078110993Fundamentals of Taxation 2011 4th Edition by Ana Cruz, Debra Prendergast, Dan Schisler, Michael Deschamps
Edition 4ISBN: 978-0078110993 Exercise 32
Paul and Wayne equally own the PW Partnership. Paul's basis was $30,000 and Wayne's basis was $22,000 at the beginning of the year. PW Partnership had the following income and expense items:
a. Prepare page 1 and page 4 of Form 1065 - ordinary income and separately stated items for the partnership.
b. Calculate Paul's basis in his partnership interest.
c. Calculate Wayne's basis in his partnership interest.
a. Prepare page 1 and page 4 of Form 1065 - ordinary income and separately stated items for the partnership.b. Calculate Paul's basis in his partnership interest.
c. Calculate Wayne's basis in his partnership interest.
Explanation
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Fundamentals of Taxation 2011 4th Edition by Ana Cruz, Debra Prendergast, Dan Schisler, Michael Deschamps
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