Business, 22.03.2021 23:50 sarahnd6907

Styling Shoes, LLC, filed its 20X8 Form 1065 on March 15, 20X9. Styling had three members with the following ownership interests and tax bases at the beginning of 20X8: (1) Jane, a member with a 25 percent profits and capital interest and a $6,000 outside basis, (2) Joe, a member with a 45 percent profits and capital interest and a $11,000 outside basis, and (3) Jack, a member with a 30 percent profits and capital interest and a $3,000 outside basis. The following items were reported on Styling's Schedule K for the year: ordinary income of $102,000, Section 1231 gain of $16,000, charitable contributions of $26,000, and tax-exempt income of $4,000. In addition, Styling received an additional bank loan of $13,000 during 20X8. What is Jane's tax basis after adjustment for her share of these items

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Styling Shoes, LLC, filed its 20X8 Form 1065 on March 15, 20X9. Styling had three members with the f...

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