Stan Had a Basis in His Partnership Interest at the Beginning

question 12

Multiple Choice

Stan had a basis in his partnership interest at the beginning of last year of $30,000. There was no change in partnership liabilities during the year. His share of the partnership's ordinary loss last year was $40,000 and the partnership had no separately stated items. This year, Stan has a distributive share of ordinary income of $30,000. The taxable income from the partnership reported on Stan's personal income tax return this year (ignoring the at-risk and passive activity loss limitations) is

• A)$10,000 ordinary loss.
• B)$20,000 ordinary income.
• C)$30,000 ordinary income.
• D)$40,000 ordinary income.

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Definitions:

Polymorphic Virus

A type of malware that changes its code or signature patterns with each infection, making it difficult for antivirus programs to recognize and remove it.

Encryption Virus

A type of malware that encrypts the files on a victim's device, demanding payment for decryption.

Logic Bomb

Malicious code programmed to trigger under specific conditions, causing damage or disruption to the system's operations.

Computer Virus

Malicious software designed to replicate itself and spread from one computer to another, often causing damage or stealing information.