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Rick Is a 30% Partner in the ROC Partnership

question 135

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Rick is a 30% partner in the ROC Partnership.At the beginning of the tax year, Rick's basis in the partnership interest was $60,000, including his share of partnership liabilities.During the current year, ROC reported net ordinary income of $40,000.In addition, ROC distributed $5,000 to each of the partners ($15,000 total) .At the end of the year, Rick's share of partnership liabilities increased by $20,000.Rick's basis in the partnership interest at the end of the year is:

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Public Assistance

Government programs designed to provide financial aid, support, and services to individuals and families in need.

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A social healthcare program for individuals and families with low income and resources, primarily funded by the federal government and managed by the states in the U.S.