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Calculate Elaine current basis in her partnership interest

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Reference no: EM132677079

Problem - Elaine's original basis in the Hornbeam Partnership was $30,000. Her share of the taxable income from the partnership since she purchased the interest has been $90,000, and Elaine has received $80,000 in cash distributions from the partnership. Elaine did not recognize any gains as a result of the distributions. Calculate Elaine's current basis in her partnership interest.

Reference no: EM132677079

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