Jim's Basis in His Partnership Is $200,000

question 55

Multiple Choice

Jim's basis in his partnership is $200,000. His share of the current year partnership income is $60,000. The partnership paid him a $75,000 distribution in the current year. What is his new basis in the partnership at the end of the year and what is his taxable income from the partnership?

• A)$200,000; $75,000
• B)$260,000; $60,000
• C)$140,000; $60,000
• D)$185,000; $60,000
• E)$185,000; $135,000

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