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Problem related to real estate partnership

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Reference no: EM13130354

Dan recently purchased a partnership interest in XYZ, Limited Partnership for $6,000. His share of debt in the partnership is $2,500, but he is not personally responsible for paying back the debt if the partnership cannot pay. Dan's share of XYZ, LP's loss for the year is $3,000. In addition, Dan reported $5,000 in long-term capital gains from the sale of a stock and $3,000 of income from another real estate partnership. What is Dan's tax basis in XYZ, LP?

A. $6,000

B. $8,500

C. $16,500

D. $11,500

Reference no: EM13130354

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