select the best answer Partner X is a 50 partner in the XY P

select the best answer Partner X is a 50% partner in the XY Partnership that has the following assets and liabilities at year-end. Assume the book basis and tax basis are the same amount. Basis Assets Building $90,000 $ 100,000 Note 1 15,000 15,000 Note 2 88,000 88,000 Value Depreciation on the building was allocated one-third to X and two-thirds to Y. Both notes are nonrecourse.f before income allocations partner X has a negative capital account of ($6,000) and Y has a negative capital account of ($18,000), how much of the partnership\'s taxable income of $9,000 will be allocated to equal partner X? B. $3,000 income 0 C. $3,000 loss Exam, Question Q 15 3% Complete Exit & Resume Later Partnership Taxation: Advanron n: Advanced

Solution

X is the partner in the XY partnership firm. X share in the xy partnership firm is 50%

Total income of partnership = $9000

Share of x in income of partnership = $9000*50%=$4500

D = 4500 income.