At the beginning of the tax year, Barnaby's basis in the BBB Partnership was $151,800, including his $15,180 share of partnership debt. At the end of the tax year, his share of debt was $22,770. His share of the partnership's income for the year was $60,720, and he received cash distributions totaling $37,950. In addition, his share of the partnership's nontaxable income was $3,036. How much is Barnaby's basis at the end of the tax year

$185,196

Explanation:

To calculate Barnaby's basis at the end of the tax year, we do the following.

First we find out the Initial basis after excluding debt in this manner,

= Initial basis including debt - debt

= $151,800 - $15,180

= $136,620

Now that we have done that we then add the following,

= Initial basis after excluding debt + share of the partnership's income + share of debt + share of the partnership's nontaxable income

= $136,620 + $60,720 + $22,770 + $3,036

= $223,146

From this figure we will then subtract cash distributions received to find out his tax basis for the year.

= $223,146 - $37,950

= $185,196

Barnaby's basis at the end of the tax year is $185,196

1   all nations face the problem of scarcity because there are limited resources and unlimited wants. nations do not have enough factors of production to produce everything that their population wants. entrepreneurial resources initiate businesses to make new goods and services; labor resources produce goods and services.

2 there are four factors of production: natural resources, labor resources, capital resources, and entrepreneurial resources. natural resources are raw materials from nature that are used to produce goods. trees, water, and grains are natural resources. some natural resources, such as wheat and cattle, are renewable

3 wants

things that you do not need to have in order to survive, but would like to have

needs

things that you must have in order to survive

goods

physical products

services

tasks that a business perform for customers

resources

items that people can use to make or obtain what they need or want

determine

to settle or decide by choice of alternatives or possiblities

4 i really dont know

answer; automated fingerprint;