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Business, 21.12.2019 06:31 cdjeter12oxoait
Prairie partnership has four equal partners, dodd, crank, pick, and mack. each of the partners had a tax basis of $320,000 as of january 1, 20x5. prairie’s 20x5 ordinary business income was $152,000 before deducting any guaranteed payments to the partners. during 20x5, prairie paid mack guaranteed payments of $4,000 for deductible services rendered. during 20x5, each of the four partners took a distribution of $50,000. what is mack’s tax basis in prairie on december 31, 20x5?
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Prairie partnership has four equal partners, dodd, crank, pick, and mack. each of the partners had a...
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