Homework answers / question archive / following ownership interests and tax basis at the beginning of the 20X8: (1) Jane, a member with a 25% profits and capital interest and a $11,500 outside basis, (2) Joe, a member with a 45% profits and capital interest and a $16,500 outside basis, and (3) Jack, a member with a 30% profits and capital interest and a $8,500 outside basis

following ownership interests and tax basis at the beginning of the 20X8: (1) Jane, a member with a 25% profits and capital interest and a $11,500 outside basis, (2) Joe, a member with a 45% profits and capital interest and a $16,500 outside basis, and (3) Jack, a member with a 30% profits and capital interest and a $8,500 outside basis

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following ownership interests and tax basis at the beginning of the 20X8: (1) Jane, a member with a 25% profits and capital interest and a $11,500 outside basis, (2) Joe, a member with a 45% profits and capital interest and a $16,500 outside basis, and (3) Jack, a member with a 30% profits and capital interest and a $8,500 outside basis. The following items were reported on Styling's Schedule K for the year: ordinary income of $113,000, Section 1231 gain of $21,500, charitable contributions of $31,500, and tax-exempt income of $9,500. In addition, Styling received an additional bank loan of $18,500 during 20X8. What is Jane's tax basis after adjustment for her share of these items?

Multiple Choice

• $39,625.

• $44,250.

• $47,800.

• $75,450.