Mutt and Jeff Are General Partners in M&J Partnership and Share

question 62

Multiple Choice

Mutt and Jeff are general partners in M&J Partnership and share profits and losses equally.Partnership operations for the current tax year were: Mutt's tax basis in his partnership interest at the beginning of the current year was $12,000.What is his basis at the beginning of next year?

• A)$25,000
• B)$37,000
• C)$13,000
• D)$27,000

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