Alice has a 70% interest in a business entity. Her basis for her ownership interest is $260,000. The net income of the business for the tax year is $100,000 and the entity liabilities have increased by $50,000. Determine the effect of the earnings and the liabilities on Alice's basis for her ownership interest if the business is:
Definitions:
Ordering Cost
The cost of the ordering process.
Carrying Cost
Carrying cost refers to the total cost of holding inventory, including storage, insurance, spoilage, and opportunity costs.
Virtual Retailer
A business that sells goods or services online rather than through a physical storefront.
Warehouse Management
Involves the oversight of operations in a warehouse, including inventory management, picking processes, and dispatching goods.
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