Integrate the roles of accounting, regulations, and financial market participation
January 3, 2018
Calculate the amount of income from the partnership that Potter should report for his tax year ending December 31, 2016
January 3, 2018

calculate Wilson’s basis in his partnership interest at the end of 2016

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 2016. During 2016, 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, 2016. a. Indicate the amount of income or loss from the partnership that should be reported by Wilson on his 2016 individual income tax return. $ _______________________ b. Calculate Wilson’s basis in his partnership interest at the end of 2016. $ _______________________ View Solution:
Wilson has a 40 percent interest in the assets and

 

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