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Neasha Corporation reported the following results for its first three years of operation:
2006 income (before income taxes) : 100,000; 2007 loss (before income taxes) : (900,000); 2008 income (before income taxes) : 1,000,000
There were no permanent or temporary differences during these three years. The corporate tax rate is 30% for 2006 and 2007, and 40% for 2008. Assuming that Neasha elects to use the carryback provision, what income (loss) is reported in 2007?
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At the end of the year, Marianne's share of partnership liabilities decreased by $30,000. Assuming loss limitation rules do not apply, Marianne's basis in the partnership interest at the end of the year is:
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