question archive Greg and Hank are equal partners
Subject:LawPrice:2.87 Bought7
Greg and Hank are equal partners. Greg's outside basis is $10,000. Hank's outside basis is $5,000.
(a) During the current year, the partnership has gross income of $40,000 and an ordinary $60,000 loss. What are Greg and Hank's basis at the end of the year?
(b) In the second year, the partnership has gross income of $50,000 and a $10,000 expense. What are Greg and Hank's basis at the end of the year?
(c) In the third year, the partnership has gross income of $10,000, an ordinary loss of $70,000 and a short-term capital loss of $40,000. What are Greg and Hank's basis at the end of the year?
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