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| On January 1, 2013, Kane was a 25% equal partner in Maze General Partnership, which had partnership liabilities of $300,000. On January 2, 2013, a new partner was admitted and Kane’s interest was reduced to 20%. On April 1, 2013, Maze repaid a $100,000 general partnership loan. Ignoring any income, loss, or distributions for 2013, what was the net effect of the two transactions for Kane’s tax basis in Maze partnership interest? A. Has no effect. B. Decrease of $35,000. C. Increase of $15,000. D. Decrease of $75,000. |
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