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darknessmidnight207
22.05.2020 •
Business
On January 1, Helmut pays $2,000 for a 10% capital, profits, and loss interest in a partnership, which has recourse liabilities of $20,000. The partners share economic risk of loss from recourse liabilities in the same way they share partnership losses. In the same year, the partnership incurs losses of $6,000 and the recourse liabilities increase by $5,000. Helmut and the partnership use a calendar tax yearminus−end. Helmut's basis at yearminus−end is
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Ответ:
$3,900
Explanation:
Helmut paid $2,000 for the interest in the partnership making their starting basis $2,000.
Basis from the liability has to be added. Helmut paid for 10% so,
= 20,000 * 10%
= $2,000
This is Helmut's basis in the liability
Liability increased by $5,000 during year.
Basis from that increase,
= 5,000 * 10%
= $500
Losses of $6,000 werw experienced which will reduce Helmut's basis by their proportion of shares.
= 6,000 * 10%
= $600
Helmut's basis at the end of the year is therefore,
= 2,000 (starting basis) + 2,000 (from Liability) + 500(increase in liability) - 600 ( losses)
= $3,900
Helmut's basis at year end is $3,900.
Ответ: