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Stan Had a Basis in His Partnership Interest at the Beginning

question 12

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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


Definitions:

Distribution

The way in which something is shared or exists over a particular area or among a particular group of people.

Standard Deviation

A measure of the dispersion of a set of data from its mean, indicating how spread out the data points are.

Variability

A measure of how spread out or dispersed the values in a dataset are.

Bimodal

Bimodal describes a distribution having two different modes, which are the most frequently occurring data points in a dataset.

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