Business, 06.04.2021 05:30, jaelynnm

At the beginning of the tax year, Barnaby's basis in the BBB Partnership was $50,000, including his $5,000 share of partnership debt. At the end of the tax year, his share of debt was $8,000. His share of the partnership's income for the year was $20,000, and he received cash distributions totaling $12,000. In addition, his share of the partnership's nontaxable income was $1,000. Required:
Determine Barnaby's basis at the end of the tax year.

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At the beginning of the tax year, Barnaby's basis in the BBB Partnership was $50,000, including his...