Daniel acquires a 30 percent interest in the PPZ Partnership from Paolo, an existing partner, for $40,000 of cash. The PPZ Partnership has borrowed $11,000 of recourse liabilities as of the date Daniel bought the interest. What is Daniel's basis in his partnership interest

$43,300

Explanation:

Calculation for Daniel's basis in his partnership interest PPZ Partnership

Using this formula

Partnership Interest=Cash +(Recourse liabilities × Interest percentage)

Where,

Cash=$40,000

Recourse liabilities=$11,000

Interest percentage=30%

Let plug in the formula

Partnership Interest=$40,000 +($11,000×30%)

Partnership Interest=$40,000+$3,300

Partnership Interest=$43,300

What Daniel's has as his outside basis will include his $3,300 share of the partnership liabilities which was added to the cash amount of $40,000.

Therefore Daniel's basis in his partnership interest will be $43,300

answer; i believe that the correct answer is (an elevator pitch);

a recipe serves 8 people, and calls for 5 lbs of apples and 2 cups of flour. you want to prepare it for 24 people. divide 24 by 8 to get 3, and then multiply your ingredients by 3.

so for 24 people, you'll need 15 lbs of apples, and 6 cups of flour.