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.

Question

Quizplus · Accepted Answer

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