Allison Is a 40% Partner in the BAM Partnership

question 59

Multiple Choice

Allison is a 40% partner in the BAM Partnership.At the beginning of the tax year, Allison's basis in the partnership interest was $100,000, including her share of partnership liabilities.During the current year, BAM reported an ordinary loss of $60,000.In addition, BAM distributed $8,000 to Allison and paid partner Brian a $20,000 consulting fee (neither of these amounts was deducted in determining the $60,000 loss from operations) .At the end of the year, Allison's share of partnership liabilities decreased by $10,000.Assuming loss limitation rules do not apply, Allison's basis in the partnership interest at the end of the year is:

• A)$2,000.
• B)$50,000.
• C)$70,000.
• D)$100,000.
• E)None of the above.

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Definitions:

Medication Error

Any preventable event that may cause or lead to inappropriate medication use or harm while the medication is in the control of the healthcare professional, patient, or consumer.

Incident Report

Documentation of any unusual or unexpected event in a healthcare setting that could have or did lead to harm for patients, staff, or others.

Nurses' Notes

Documentation recorded by nurses that includes the care and treatment given to patients, along with their response and progress.

Prescriber

A healthcare professional who is authorized to write orders for medications, therapies, or other treatments for patients.