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How much is Barnaby basis at the end of the tax year

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Problem - At the beginning of the tax year, Barnaby's basis in the BBB Partnership was $50,000, including his $5,000 share of partnership debt. At the end of the tax year, his share of debt was $8,000. His share of the partnership's income for the year was $20,000, and he received cash distributions totaling $12,000. In addition, his share of the partnership's nontaxable income was $1,000. How much is Barnaby's basis at the end of the tax year? Show your calculations.

Reference no: EM132648134

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