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Leo contributed $28,000 in cash for a 25% interest in a partnership. His share of $27,000. In addition, the partnership reported on his Schedule K-1 for the year Leo's Section 179 share of $2,000, a guaranteed payment for $4,000, and a share of rental income of $1,400. What is Leo's basis in the partnership after adjustments for the tax year from his Schedule K-1? $50,400 O $54,400 O $58 400

Leo contributed $28,000 in cash for a 25% interest in a partnership. His share of $27,000. In addition, the partnership reported on his Schedule K-1 for the year Leo's Section 179 share of $2,000, a guaranteed payment for $4,000, and a share of rental income of $1,400. What is Leo's basis in the partnership after adjustments for the tax year from his Schedule K-1? $50,400 O $54,400 O $58 400

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Leo contributed $28,000 in cash for a 25% interest in a partnership. His share of the partnership income for the year was $27,000. In addition, the partnership reported on his Schedule K-1 for the year Leo's Section 179 share of $2,000, a guaranteed payment for $4,000, and a share of rental income of $1,400. What is Leo's basis in the partnership after adjustments for the tax year from his Schedule K-1? $50,400 $54,400 $58,400 $59,000
Transcribed Image Text:Leo contributed $28,000 in cash for a 25% interest in a partnership. His share of the partnership income for the year was $27,000. In addition, the partnership reported on his Schedule K-1 for the year Leo's Section 179 share of $2,000, a guaranteed payment for $4,000, and a share of rental income of $1,400. What is Leo's basis in the partnership after adjustments for the tax year from his Schedule K-1? $50,400 $54,400 $58,400 $59,000
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