Gray is a 50% partner in Fabco Partnership. Gray's tax basis in Fabco on January 1, year 4, was $5,000. Fabco made no distributions to the partners during the year 4 and recorded the following:
1. Ordinary Income $20,000
2. Tax-exempt income $8,000
3. Portfolio income $ 4,000
What is Gray's tax basis in Fabco on December 31, year 4?
a. $21,000 b. $16,000 c. $12,000
d. $10,000
Answers: 3
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Gray is a 50% partner in Fabco Partnership. Gray's tax basis in Fabco on January 1, year 4, was $5,0...
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