Multiple Choice
What is the correct order for applying the following three items to adjust a partner's tax basis in his partnership interest: (1) Increase for share of ordinary business income, (2) Decrease for share of separately stated loss items, and (3) Decrease for distributions?
A) 1, 3, 2
B) 1, 2, 3
C) 3, 1, 2
D) 2, 3, 1
Correct Answer:
Verified
Correct Answer:
Verified
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