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What is the adjusted cost base on january

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Reference no: EM132702866

Mr. Poulet is a partner in a partnership with a December 31 year end. Mr. Poulet's share of the partnership allocations for 2019 are as follows:

  • business income of $120,000
  • charitable donations of $1,500
  • partnership draws totalling $100,000

Problem 1: Mr. Poulet's partnership interest had an adjusted cost base on January 1, 2019 of $222,000. What is the adjusted cost base on January 1, 2020?

A. $120,500
B. $240,500
C. $242,000
D. $243,500

Reference no: EM132702866

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