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What is? Pete tax basis in ABC?

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Problem 1: On January? 1, 2019? , pete's tax basis in the ABC General partnership is? $500,000. Pete has a 40? % interest in DE? 's capital? , profits and losses. During 2019? , the partnership paid off a ?$600,000 recourse loan? , had an ordinary loss of? $200,000, received? $400,000 of municipal bond interest?, paid an EPA fine of? $300,000 and recognized a? $20,000 long term capital loss . At the end of 2019?, what is? Pete's tax basis in ABC??

A. ?$332,000
B. ?$452,000
C. ?$420,000
D. ?$212,000

Reference no: EM132842394

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