current labilities 2010 $20000 2011 $20000 long term liabilites 2010 $50000 2011 $50000 net income loss...
current labilities 2010 $20000 2011 $20000
long term liabilites 2010 $50000 2011 $50000
net income loss 2010 $0 2011 ($40000)
all liabilies are recourse debt and partner m guaranted all long term liabilities M is a 10% owner had $10000 basic in the partnership at the end of 2010. M made no contributions or withdrawels duing 2011 or 2012 what is m basic end of 2011?
Homework Answers
M's basis end of 2011 = Opening Balance 2010 + share in loss (10%) + long term liabilites 2011 = 10000+(-40000*10%)+50000 = $56000
Therefore,
M's basis end of 2011 = $56000
Add Answer to:
current labilities 2010 $20000 2011 $20000
long term liabilites 2010 $50000 2011 $50000
net income loss...
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