N and o formed no partnership n contributed 3000 cash in

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Reference no: EM13597532

N and O formed NO partnership. N contributed $3,000 cash in exchange for her 50% interest in the partnership capital and profits. During the first year of partnership operations, the following events occurred: the partnership had net taxable income of $1,500; N received a distribution of $1,200 cash from the partnership; and she had a 50% share in the $2,100 of partnership recourse liabilities on the last day of the partnership year. What is N's basis in her partnership interest?

Reference no: EM13597532

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