Business, 30.11.2019 03:31 TrueKing184

Wilson has a 40 percent interest in the assets and income of the cc& w partnership, and the basis in his partnership interest is $45,000 at the beginning of 2018. during 2018, the partnership's net loss is $60,000 and wilson's share of the loss is $24,000. also, wilson receives a cash distribution from the partnership of $12,000 on june 30, 2018.
a. indicate the amount of income or loss from the partnership that should be reported by wilson on his 2018 individual income tax return.
b. calculate wilson's basis in his partnership interest at the end of 2018.

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Wilson has a 40 percent interest in the assets and income of the cc& w partnership, and the basi...

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