Gavin Owns a 50% Interest in London Partnership Calculate Gavin's Tax Basis in His Partnership Interest at the Basis
Gavin owns a 50% interest in London Partnership. His tax basis in his partnership interest at the beginning of the year was $20,000. His partnership Schedule K-1 showed the following:
Calculate Gavin's tax basis in his partnership interest at the end of the year?
A) $85,000
B) $95,000
C) $75,000
D) $65,000
Correct Answer:
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