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What is Aiden basis in his partnership interest

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Reference no: EM132673502

Problem - Aiden has a 35% capital interest in the Oro Partnership and is entitled to a yearly guaranteed payment of $40,000. As of January 1, 2019, Aiden's basis in the partnership interest is $87,000. During tax year 2019, Oro recorded the following transactions.

Operating profit (after consideration of guaranteed payment) $410,000

Interest income on City of Seattle bonds 20,000

Short-term capital loss 5,000

Long-term capital gain 7,000

Funds borrowed from bank to provide working capital 30,000

During 2019, Aiden withdrew cash of $70,000 from Oro to help cover his living expenses. What is Aiden's basis in his partnership interest as of January 1, 2020?

Reference no: EM132673502

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