Partner=sOutside BasisTina purchased an interest in TP Partnership on 1/1/11 for $50,000 cash when partnership recourse liabilities = $200,000. 2011 distributive shares for Tina are as follows:Ordinary Income $30,000Long-term Capital Gains 10,000Municipal Bond Interest 8,000Charitable Contributions 1,000Interest related to Municipal Bond2,000Cash Distributions 10,000Liabilities at 12/31/11 Recourse = $180,000a. Tina=sbasis on 12/31/11 if she is a general partner w/ 40% interest in profit & losses? Burkett - 403- Chapter 14 1
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