Federal Taxation :1. Assume Entity is a General Partnership - Compute Chris's outside basis
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Module
FEDERAL TAXATION
Institution
FEDERAL TAXATION
Partner A has an outside basis of $50,000 in her 35% interest of entity
For the year Partner A's share as listed on her K-1 is as follows:
Business income in Box 1
Dividend income in Box 6a
Qualified Dividends Box 6b
Charitable contributions box 13A
Tax Exempt income Box 18...
1. Assume Entity is a General Partnership - Compute Chris's outside basis.
Partner A has an outside basis of $50,000 in her 35% interest of entity
For the year Partner A's share as listed on her K-1 is as follows:
Business income in Box 1 25,000
Dividend income in Box 6a 11,000
Qualified Dividends Box 6b 10,000
Charitable contributions box 13A 3,000
Tax Exempt income Box 18A 1,500
Nondeductible Expenses (fines) box
18C 750
Distributions Box 19A 13,000
Part II Section K Liabilities 50,000
Last Year's number for liabilities was 48,000
, Beginnin
g O/S A/B 10,000
BusinesIn
1 c 25,000
6a Divs 11,000
18A T/E Int 1,500
Inc in Liabs 2,000
Subtotal 49,500
Cash Distrib -13,000
Subtotal 36,500
18C Fines -750
Subtotal 35,750
13A Charity -3,000
Ending O/S A/B 32,750
50000 - 48000 = 2000
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