Stewart Is a 30 Percent General Partner in STP Partnership

question 39

Multiple Choice

Stewart is a 30 percent general partner in STP Partnership.His basis in his partnership interest at the beginning of the year was $40,000.During the year, the partnership reported a $30,000 loss and paid off a $120,000 recourse debt.What is Stewart's year-end basis in his partnership interest?

• A)0
• B)$4,000
• C)$31,000
• D)$67,000

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