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Angelina_Jolie [31]
3 years ago
15

Daniel acquires a 30% interest in the PPZ Partnership from Paolo, an existing partner for $43,000 of cash. The PPZ Partnership h

as borrowed $14,000 of recourse liabilities as of the date Daniel bought the interest. What is Daniel's basis in his partnership interest?
a. $47,200
b. $14,000
c. $57,000
d. $52.800
Business
1 answer:
jolli1 [7]3 years ago
4 0

Answer:

The right answer is a.

Explanation:

In order to calculate Daniel's basis in his partnership interest, first we have to calculate daniel share of the partnership liabilities.

According to the details, Daniel acquires a 30% interest in the PPZ Partnership from Paolo, and The PPZ Partnership has borrowed $14,000 of recourse liabilities as of the date Daniel bought the interest, hence

daniel share of the partnership liabilities = 14,000 * 30% = $4,200

Hence, Daniel's basis in his partnership interest= 43,000 + 4,200 = $47,200

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Total                           $84,580    $75,420       $160,000

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