What was deans tax basis in target on december 31

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Question 1: Dean is a 25% partner in Target Partnership. Dean's tax basis in Target on January 1, 20X1, was $20,000. At the end of 20X1, Dean received a non-liquidating cash distribution of $8,000 from Target. Target's 20X1 accounts recorded the following items:

Municipal bond interest income $ 12,000
Ordinary Income 40,000

What was Dean's tax basis in Target on December 31, 20X1?

Question 2: Dean is a 25% partner in Target Partnership. Dean's tax basis in Target on January 1, 20X1, was $20,000. At the end of 20X1, Dean received a non-liquidating cash distribution of $8,000 from Target. Target's 20X1 accounts recorded the following items:

Municipal bond interest income $ 12,000
Ordinary Income 40,000

What was Dean's tax basis in Target on December 31, 20X1?

Reference no: EM133492629

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