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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 $61,700. Her share of the taxable income from the partnership since she purchased the interest has been $246,800, and Elaine has received $185,100 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 $30,850 of tax-exempt interest to Elaine. Calculate Elaine's current basis in her partnership interest.

Reference no: EM133164442

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