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Calculate elaine current basis in her partnership interest

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Question - Partnership Formation - Elaine's original basis in the Hornbeam Partnership was $87,000. Her share of the taxable income from the partnership since she purchased the interest has been $348,000, and Elaine has received $261,000 in cash distributions from the partnership. Elaine did not recognize any gains as a result of the distributions. In the current year, Hornbeam also allocated $43,500 of tax-exempt interest to Elaine. Calculate Elaine's current basis in her partnership interest.

Reference no: EM133070980

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