Partnership interest at the end of specific year

Reference no: EM13142801

Roger is a 30% partner in the ROC Partnership. At the beginning of the tax year. Roger's basis in partnerhips interest was $60,000, including his share of partnership liabilities. During the current year, ROC reported a net ordinary income of $40,000. In addition, ROC distributed $5,000 to each of the partners ($15,000 total). At the end of the year, Roger's share of partnership liabilities increased by $20,000. Roger's basis in the partnership interest at the end of the year is:

a. $60,000

b. $75,000

c. $87,000

d. $120,000

e. none of the above

Reference no: EM13142801

Questions Cloud

Why research is important for you to develop your career : Explain why research is important for you to develop your career?

Rise of adjusted gross income : The partnership made an ordinary cash distribution of $10,000 to Marcie, and paid guaranteed payments to partners Marcie, Alice, and Pat of $20,000 each ($60,000 total). How much will Marcie's adjusted gross income increase as a result of the abov..

Active verbs-re-write a sentence : We are doing Active verbs and I have to re-write a sentence. Original Sentence- Her letter was in acknowledgment of the student's participation in the literacy program.

Think about a behavior : Think about a behavior that has been learned (e.g., your dog learning to sit, your mouth salivating at the sight of the Domino's car pulling up in front of your house, etc.).

Partnership interest at the end of specific year : At the end of the year, Roger's share of partnership liabilities increased by $20,000. Roger's basis in the partnership interest at the end of the year is:

What do you see as the basic values : What do you see as the basic values that underlie this approach to solving the access to care problem? Do these values align with specific political perspectives?

One aspect of raising healthy children is understanding : One aspect of raising healthy children is understanding how to best provide correction when they make poor choices or behave in unacceptable ways. Over the years, there has been much debate over the most effective form of punishment for children

Journal entry for a endowment : What is the journal entry for a endowment that was invested in $95,000 of par value City of Jackson 6 percent bonds at 103 plus accrued interest of $823.

Different people read the same story : Explain how and why multiple interpretations can occur when different people read the same story. 100 - 150 words

User Account

All Pages