Octavio starts the year with outside basis of $23,000 and an amount at-risk of $23,000 in his 40-percent general partnership interest in Brown Partnership. In the current year, the partnership distributes $5,000 to Octavio. His share of allocated ordinary income is $3,000. The partnership also takes on nonrecourse debt of $20,000 (none of which is qualified nonrecourse financing). Compute Octavio's ending outside basis and amount at-risk. Basis Amount at-risk

Nelson Ellis and Hank Tollis are partners who share profits and losses in the ratio of 40 to 60 percent, respectively. The balances of their capital accounts on December 31, 20X0, are Ellis, $210,000, and Tollis, $230,000. With Tollis's agreement, Ellis sells one-half of his interest in the partnership to Kate Cantu for $160,000 on January 1, 20X1. Required: What will the capital account balances for each of the three partners be after this sale? New Capital Account Balances Beginning balance Transfer of capital New balances Ellis Tollis Cantu

Jenna began the year with a tax basis of $22,000 in her partnership interest. Her share of partnership liabilities consists of $3,000 of recourse liabilities and $12,000 of nonrecourse liabilities at the beginning of the year and $3,000 of recourse liabilities and $14,000 of nonrecourse liabilities at the end of the year. During the year, she was allocated $36,000 of partnership ordinary business loss. Jenna does not materially participate in this partnership, and she has $5,000 of passive income from other sources. b. How much of Jenna’s loss is limited by her at-risk amount?

Milton has a basis in his partnership of $300,000, including his $80,000 share of partnership liabilities. At the end of the current year the partnership pays off the liabilities and makes a proportionate current distribution to its partners. Milton receives a parcel of land (partnership basis of $120,000 and FMV of $135,000) and inventory (partnership basis of $160,000 and FMV of $180,000). Following the distribution what is Milton's basis in the inventory? I'm not sure if it's 160,000 or not