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Business, 27.12.2019 00:31 Liannahiggins

Hilary had an outside basis in ltl general partnership of $14,000 at the beginning of the year. ltl reported the following items on hilary's k-1 for the year: ordinary business income of $9,000, a $14,000 reduction in hilary's share of partnership debt, a cash distribution of $24,000, and tax-exempt income of $7,000. what is hilary's adjusted basis at the end of the year

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Hilary had an outside basis in ltl general partnership of $14,000 at the beginning of the year. ltl...
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