Business, 04.04.2020 09:36, juiceyj9811

Hilary had an outside basis in LTL General Partnership of $10,000 at the beginning of the year. LTL reported the following items on Hilary's K-1 for the year: ordinary business income of $5,000, a $10,000 reduction in Hilary's share of partnership debt, a cash distribution of $20,000, and tax-exempt income of $3,000. What is Hilary's adjusted basis at the end of the year

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Hilary had an outside basis in LTL General Partnership of $10,000 at the beginning of the year. LTL...