Meg has an adjusted basis of $150,000 for her 40% ownership interest.During the year,the entity earns a profit of $100,000 and liabilities increased by $70,000.Determine Meg's adjusted basis for her ownership interest.

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The Answer of Meg has an adjusted basis of $150,000 for her 40% ownership interest.During the year,the entity earns a profit of $100,000 and liabilities increased by $70,000.Determine Meg's adjusted basis for her ownership interest.

Meg Has an Adjusted Basis of $150,000 for Her 40