Partner Spence Had the Following Items Reported on a Partnership

question 49

Multiple Choice

Partner Spence had the following items reported on a partnership Schedule K-1: Spence had a basis in his partnership interest of $23,000 at the beginning of the year.What is Spence's basis in his partnership interest at the end of the year?

• A)$31,200.
• B)$54,200.
• C)$21,000.
• D)$70,200.

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Definitions:

Respect for Elders

A cultural and moral value emphasizing reverence and honor for older people.

Openness

One of the five major dimensions of personality, characterized by an appreciation for art, emotion, adventure, unusual ideas, imagination, curiosity, and variety of experience.

Creative

Relating to or involving the imagination or original ideas, especially in the production of an artistic work.

Nonconforming

The act or condition of not adhering to a traditional norm or standard.