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    Peggy's Basis in Kash Partnership after First Year of Operation

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    Peggy has a 1/3 ownership in Kash partnership. She paid $50,000 for the 1/3 interest. In the first year of operation, the partnership had $30,000 of non-separately stated income and borrowed $6,000. What is Peggy's basis?

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    Solution Summary

    The solution calculates Peggy's basis in Kash Partnership after first year of operation.