Jack is a 40% partner in the Gull Partnership,a calendar year taxpayer.As of January 1,2016,Jack's basis in his partnership interest is $100,000.Gull's operating results are: $400,000 loss for 2016 and $300,000 profit for 2017.
a.What is Jack's basis for his partnership interest as of January 1,2017?
b.What is Jack's basis for his partnership interest as of January 1,2018?

Question

Quizplus · Accepted Answer

The Answer of Jack is a 40% partner in the Gull Partnership,a calendar year taxpayer.As of January 1,2016,Jack's basis in his partnership interest is $100,000.Gull's operating results are: $400,000 loss for 2016 and $300,000 profit for 2017.
a.What is Jack's basis for his partnership interest as of January 1,2017?
b.What is Jack's basis for his partnership interest as of January 1,2018?

Jack Is a 40% Partner in the Gull Partnership,a Calendar