T transfers $60000 for 1/3 interest inLMN partnership as a limited partner. Duri
ID: 2618307 • Letter: T
Question
T transfers $60000 for 1/3 interest inLMN partnership as a limited partner. During the period Ls share of the partnership income is $120000 and L has withdrawn $75000. The partnership has recourse liabilities of $48000. Using this information, what is Ls basis in the partnership assuming that L has no obligation to contribute additional funds? A $60000 B$89000 C $105000 D $121000 T transfers $60000 for 1/3 interest inLMN partnership as a limited partner. During the period Ls share of the partnership income is $120000 and L has withdrawn $75000. The partnership has recourse liabilities of $48000. Using this information, what is Ls basis in the partnership assuming that L has no obligation to contribute additional funds? A $60000 B$89000 C $105000 D $121000 A $60000 B$89000 C $105000 D $121000Explanation / Answer
Answer is
Option C. $105,000
EXPLANATION
L basis 60,000
L share of income 120,000
Less L withdrawn ( 75,000)
L basis in partnership 105,000
Related Questions
Navigate
Integrity-first tutoring: explanations and feedback only — we do not complete graded work. Learn more.