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Question :
Margaret's adjusted basis in her 50 % interest in MP Partnership, a common partnership, was $10,000. During 2012, Margaret did not create any additional contributions to MP Partnership, and Margaret's share of MP Partnership liabilities did not modify. During 2012, MP Partnership distributed $5,000 to Margaret, and MP Partnership had the subsequent items of partnership income, deduction, profit and loss for 2012:
Separately stated taxable income $30,000
Tax-exempt interest $10,000
Capital loss ($20,000)
Determine Margaret's adjusted basis in her partnership interest in MP Partnership at the end of 2012?
a. 0.
b. $10,000.
c. $15,000.
d. $25,000.
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