What is peggy basis
Question: Peggy has a 1/3 ownership in Kash partnership. She paid $50,000 for the 1/3 interest. In the first year of operation, the partnership had $30,000 of non-separately stated income and borrowed $6,000. What is Peggy's basis?
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In the first year of operation, the partnership had $30,000 of non-separately stated income and borrowed $6,000. What is Peggy's basis?
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