Elaine's original basis in the Hornbeam Partnership was $30,000. Her share of the taxable income from the partnership since she purchased the interest has been $90,000, and Elaine has received $80,000 in cash distributions from the partnership. Elaine did not recognize any gains as a result of the distributions. Calculate Elaine's current basis in her partnership interest.

$40,000

Explanation:

From the question above Elaine's original basis in the Hornbeam Partnership is $30,000

Her share of the taxable income is from the partnership is $90,000

Elaine has received $80,000 in cash distribution from the partnership

Therefore, Elaine's current basis in her partnership interest can be calculated as follows

Current basis= [Original basis + ( Share of taxable income-Cash distribution)

= $30,000+($90,000-$80,000)

= $30,000+$10,000

= $40,000

Hence Elaine's current basis in her partnership interest is $40,000

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