Jennifer has a 25 percent interest in the Aspen Aircraft partnership.Her basis in her partnership interest is
$10,000 at the beginning of 2013.The partnership reported the following activity for 2013: $\begin{array}{lc}
\text { Ordinary income}&\$40,000\
\text { Section 1231 gain}&\$10,000\\text { Charitable contribution }&\$12,000\\text { Total distributions to partners }&\$20,000
\end{array}$
What is Jennifer's basis in her partnership interest at the end of 2013?

Question

Jennifer has a 25 percent interest in the Aspen Aircraft partnership.Her basis in her partnership interest is
$10,000 at the beginning of 2013.The partnership reported the following activity for 2013: $\begin{array}{lc}
\text { Ordinary income}&\$40,000\
\text { Section 1231 gain}&\$10,000\\text { Charitable contribution }&\$12,000\\text { Total distributions to partners }&\$20,000
\end{array}$
 What is Jennifer's basis in her partnership interest at the end of 2013?

Quizplus · Accepted Answer

The Answer of Jennifer has a 25 percent interest in the Aspen Aircraft partnership.Her basis in her partnership interest is
$10,000 at the beginning of 2013.The partnership reported the following activity for 2013: $\begin{array}{lc}
\text { Ordinary income}&\$40,000\
\text { Section 1231 gain}&\$10,000\\text { Charitable contribution }&\$12,000\\text { Total distributions to partners }&\$20,000
\end{array}$
 What is Jennifer's basis in her partnership interest at the end of 2013?

Jennifer Has a 25 Percent Interest in the Aspen Aircraft