vProblem 10-4 Partnership Formation (LO 10.2) Elaine's original basis in the Hornbeam Partnership was $40,000. Her share of the taxable income from the partnership since she purchased the interest has been $70,000, and Elaine has received $80,000 in cash distributions from the partnership. Elaine did not recognize any gains as a result of the distributions. In the current year, Hornbeam also allocated $1,000 of tax-exempt interest to Elaine. Calculate Elaine's current basis in her partnership interest. $fill in the blank 1

Tara and her parents want to save at least $40,000 for college in 8 years. which statement describes the most effective savings plan for tara and her parents to meet their goal? tara and her parents should make deposits of $300 every month into a college savings account. tara and her parents should make deposits of $450 every month into a college savings account. tara and her parents should make deposits of $3,000 every year into a college savings account. tara and her parents should make deposits of $4,000 every year into a college savings account