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Business, 19.10.2021 04:40 SL10355

Hilary had an outside basis in LTL General Partnership of $9,500 at the beginning of the year. LTL reported the following items on Hilary's K-1 for the year: ordinary business income of $4,500, a $9,500 reduction in Hilary's share of partnership debt, a cash distribution of $19,500, and tax-exempt income of $2,500. What is Hilary's adjusted basis at the end of the year

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Hilary had an outside basis in LTL General Partnership of $9,500 at the beginning of the year. LTL r...
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