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What is member p basis at the end

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Reference no: EM13135413

Member P has an outside basis in his interest in Bing LLC of $10,000 and in 2007, the flowing transactions take place:

• $25,000 in LLC taxable income is allocated to him;
• $2,000 in LLC tax exempt is allocated to him;
• His share of increased LLC liabilities is $5,000;
• $24,000 is distributed to him by the LLC;
• His share of decreased LLC liabilities is $4,000.

a. What is Member P's basis at the end of 2009?
b. Explain your answer to part a.

Reference no: EM13135413

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