What is the effect on partnership basis

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Reference no: EM131259452

Barry and Kurt are equal partners in the BK Partnership. Barry receives a guaranteed payment of $55,000. In addition to the guaranteed payment, Barry withdraws $10,000 from the partnership. The partnership has $24,000 in ordinary income during the year. a. How much income must Barry report from BK Partnership? b. What is the effect on Barry's partnership basis?

Reference no: EM131259452

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