Examlex

Solved

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


Definitions:

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.

Related Questions