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Jerry, a partner with 30% capital and profit interest, received his Schedule K-1 from Plush Pillows, LP. At the beginning of the year, Jerry's tax basis in his partnership interest was $50,000. His current year Schedule K-1 reported an ordinary loss of $15,000, long-term capital gain of $3,000, qualified dividends of $2,000, $500 of non-deductible expenses, a $10,000 cash contribution, and a reduction of $4,000 in his share of partnership debt. What is Jerry's adjusted basis in his partnership interest at the end of the year?
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Individuals, businesses, or financial institutions that lend money or extend credit to others, expecting to be repaid with interest in the future.
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A tax levied by the U.S. federal government on the annual earnings of individuals, corporations, trusts, and other legal entities.
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