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QUESTION
Elaine's original basic in the hornbeam partnership was 25,000.
Elaine's original basic in the hornbeam partnership was 25,000. her share of the taxable income from the partnership since she purchase the interest has been 100,000 and Elaine has received 75000 in cash distribution from the partnership, Elaine didn't recognized any gains as a result of this distribution. Calculate Elaine current basic in her partnership interest
SOLUTIONCurrent Basic in partnership interest= 25000+(10000075000)=50,000