Partnership income from the year, Accounting Basics

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Partnership income from the year

W is a partner in the equal WXYZ partnership. At the beginning of the year, his basis in his partnership interest is $40,000. On Feb. 1, W takes a draw against earnings of $30,000. On June 1, the partnership pays off $60,000 of debt. On Sept. 1, W gets a distribution of cash of $30,000 that is not a draw against earnings. The partnership's income from the year is $200,000. What is the effect of each of these items on W's basis?

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Accounting Basics: Partnership income from the year

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Accounting Basics: Partnership income from the year

Reference No:- TGS053245

Have a Question? (oR Write a Review)

Recent Questions Asked Accounting Basics

Q : Environmental differences-government and for-profit business

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Ask an Expert for Answer!!

Accounting Basics: Partnership income from the year

Reference No:- TGS053245

Recent Questions Asked Accounting Basics

Q : Environmental differences-government and for-profit business

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Q : Can parties come to mutually beneficial agreement

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