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Question - George and Georgenne formed the GG Partnership as George and Georgenne are equal shareholders in an S corporation. Each partner contributed cash and property with a value of $100,000 for partnership operations. As a result of these contributions, George had a basis of $80,000 and Georgenne a basis of $60,000 in their partnership interests. At the end of their first year of operations, they had the following results:
a. What is the net income, excluding separately stated items, that each shareholder is required to report at the end of the year?
b. How is each of the separately stated items treated on the shareholders' tax returns?
c. What is each shareholder's basis at year-end?
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