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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
Porphyritic Texture
A texture in igneous rocks characterized by larger crystals, known as phenocrysts, embedded in a finer-grained matrix.
Fine Grained
Describes rocks or minerals that have a small grain size, often requiring magnification to be seen clearly.
Small Crystals
Tiny, solid, naturally occurring inorganic substances with a definite chemical composition and a characteristic crystalline structure.
Igneous Rock
Rock formed through the cooling and solidification of magma or lava.
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