Determine the Year-End Adjusted Basis of Roberto's 1/2 Interest in the Halifax

question 23

Multiple Choice

Determine the year-end adjusted basis of Roberto's 1/2 interest in the Halifax Partnership. At the beginning of the year, Roberto's adjusted basis is $80,000. The net operating profit of the partnership is $90,000. Also, Halifax distributes $15,000 of cash to Roberto.

• A)$65,000
• B)$110,000
• C)$140,000
• D)$155,000
• E)$185,000

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