On August 19 of the tax year, Devante contributed $9,500 for a 30% interest in the general partnership, Kicks and Tixs.
Posted: Fri Jul 01, 2022 8:37 am
On August 19 of the tax year, Devante contributed $9,500 for a30% interest in the general partnership, Kicks and Tixs. Thepartnership took out a loan for $29,000 on August 1. Thepartnership does not have any other liabilities. Devante'sdistributive share for the year was $6,300. What is his endingbasis for the partneship?