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In year 1 A, B and C form the ABC equal partnership, with A contributing property...


In year 1 A, B and C form the ABC equal partnership, with A contributing property with a FMV of $190,000 and a basis of $125,000, and B and C contributing $190,000 cash. In year 1 the partnership had ordinary income of $100,000, municipal bond interest of $10,000, made a $9,500 political contribution to a presidential campaign, and paid A’s property taxes on his residence of $14,000. In addition, A was distributed some property with a FMV of $14,000 and a basis of $13,000 (assume there is no disguised sale in this problem). What is A’s basis in the partnership at the end of the year?

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