Alfred,a one-third profits and capital partner in Pizzeria Partnership,needs help in adjusting his tax basis to reflect the information contained in his most recent Schedule K-1 from the partnership.Unfortunately,the Schedule K-1 he recently received was for Year 3 of the partnership,but Alfred only knows that his tax basis at the beginning of Year 2 of the partnership was $23,000.Thankfully,Alfred still has his Schedule K-1 from the partnership for Years 1 and 2.
Using the following information from Alfred's Year 1,Year 2,and Year 3 Schedule K-1,calculate his tax basis the end of Year 2 and Year 3.

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The Answer of Alfred,a one-third profits and capital partner in Pizzeria Partnership,needs help in adjusting his tax basis to reflect the information contained in his most recent Schedule K-1 from the partnership.Unfortunately,the Schedule K-1 he recently received was for Year 3 of the partnership,but Alfred only knows that his tax basis at the beginning of Year 2 of the partnership was $23,000.Thankfully,Alfred still has his Schedule K-1 from the partnership for Years 1 and 2.
Using the following information from Alfred's Year 1,Year 2,and Year 3 Schedule K-1,calculate his tax basis the end of Year 2 and Year 3.

Alfred,a One-Third Profits and Capital Partner in Pizzeria Partnership,needs Help