Illustrate what is pashas basis in the partnership

Reference no: EM13121342

Q. Pasha and Kris formed PK partnership on January 1 of the current year. Pasha contributed $10,000 cash. Kris contributed property with a FMV of $90,000 and a basis of $35,000. Pasha has a 10% interest in the partnership and Kris has a 90% interest. At the end of the year, PK had the following:

Ordinary income $25,000

Capital loss on sale of investment 800

Tax-exempt interest income 200

Non-deductible life insurance premiums paid on partners 500

Also, PK has the following liabilities as of the end of the year:

Recourse loan $ 10,000

Nonrecourse loan 5,000

What is Pasha's basis in the partnership as of December 31?

Reference no: EM13121342

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