Cameron Has a Basis in His Partnership Interest of $5,000

question 75

Multiple Choice

Cameron has a basis in his partnership interest of $5,000.Cameron's share of partnership income is $5,000.He also receives a cash distribution from the partnership of $13,000.What is his gain or loss as a result of the distribution?

• A)$13,000.
• B)$5,000.
• C)$3,000.
• D)$0.