At the beginning of 2011 margarets adjusted basis in her 30

Reference no: EM13578203

At the beginning of 2011, Margarets adjusted basis in her 30 percent interest in MP Partnership, a general partnership, was $3,000. During 2011, Margaret did not make any additional contributions to MP Partnership, and Margarets share of MP Partnership liabilities did not change. During 2011, MP Partnership distributed $5,000 to Margaret, and MP Partnership had the following items of partnership income, deduction, gain and loss for 2011:

Taxable income $15,000

Tax-exempt interest $6,000

Section 1231 loss ($10,000)

What is Margarets adjusted basis in her partnership interest in MP Partnership at the end of 2011?

Reference no: EM13578203

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