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Business, 03.07.2020 22:01 justyne2004

Elaine's original basis in the Hornbeam Partnership was $30,000. Her share of the taxable income from the partnership since she purchased the interest has been $90,000, and Elaine has received $80,000 in cash distributions from the partnership. Elaine did not recognize any gains as a result of the distributions. Calculate Elaine's current basis in her partnership interest.

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Elaine's original basis in the Hornbeam Partnership was $30,000. Her share of the taxable income fro...

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