Partnership began the year

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Reference no: EM13917171

The partnership began the year with has assets with a basis of $600,000 and $400,000 in with recourse liabilities, and B's capital account was $50,000, before considering the amounts below. B's share of the profit and loss is 20% and he has a deficit restoration requirement. Liabilities did not change during the year and the partnership had $150,000 income, before considering $5,000 in nondeductible expenses. B withdrew $30,000 during the year and the other partners withdrew $120,000.

What is B's taxable income for the year? Show your calculations.

What is B's basis in the partnership at the end of the year? Show your calculations.

Reference no: EM13917171

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