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Business, 13.11.2019 06:31 needsdarkness6016

Styling shoes, llc, filed its 20x8 form 1065 on march 15, 20x9. styling had three members with the following ownership interests and tax bases at the beginning of 20x8: (1) jane, a member with a 25 percent profits and capital interest and a $5,000 outside basis, (2) joe, a member with a 45 percent profits and capital interest and a $10,000 outside basis, and (3) jack, a member with a 30 percent profits and capital interest and a $2,000 outside basis. the following items were reported on styling's schedule k for the year: ordinary income of $100,000, section 1231 gain of $15,000, charitable contributions of $25,000, and tax-exempt income of $3,000. in addition, styling received an additional bank loan of $12,000 during 20x8. what is jane's tax basis after adjustment for her share of these items? a.)32,625.b.)$36,250.c.)$39,000.d.) $64,250.

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Styling shoes, llc, filed its 20x8 form 1065 on march 15, 20x9. styling had three members with the f...
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