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Gerald Has a 30% Ownership Interest in a Business for Which

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Gerald has a 30% ownership interest in a business for which his basis is $300,000.During the year,the entity earns profits of $90,000 and makes cash distributions to the owners of $50,000.How do these transactions affect Gerald's basis if:
Gerald has a 30% ownership interest in a business for which his basis is $300,000.During the year,the entity earns profits of $90,000 and makes cash distributions to the owners of $50,000.How do these transactions affect Gerald's basis if:

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