RECOMMENDED!!Partnership Income and Partner’s Basis

  

Partnership Income and Partner’s BasisKeenie Beenie Partners has gross operating revenue of
$400,000, cost of sales of 0,000, employee salaries of $40,000, a $25,000
Section 179 expense deduction, $10,000 of other depreciation, interest income
of $3,000, a $4,000 capital loss, and a $600 charitable contribution deduction.a. What are
the partnership’s bottom line net income and its separately stated items?
b. Kathleen
is a 25% partner in Keenie Beenie Partners and receives no distributions from
the partnership during the year. She has a $75,000 basis in her partnership
interest at the end of the year after all income/loss items have been passed
through to her. What was her beginning-of-the-year basis in her partnership
interest?

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