Aston and Becker are equal partners in AB Partnership. In the tax year, the ordinary income of the partnership is $20,000, and the partnership has a long-term capital gain of $12,000. Aston's basis in AB was $40,000, and he received distributions of $5,000 during the year. What is Aston's share of AB's ordinary income?

A gain that represents a partner’s share of “hot assets” would be treated as:

On January 1, Year 2, ABC acquired a 50% interest in DEF Partnership by contributing property with an adjusted basis of $7,000 and a fair market value of $9,000, subject to a mortgage of $3,000. What was ABC’s basis in DEF at January 1, Year 2?

Which of the following is both an item that is an allowable tax deduction to the partnership, reported separately on the individual partner’s Schedule K-1, and then included on the partner’s individual tax return?

An individual partner received a Schedule K-1 from a partnership for year 2 reporting the following items:

Ordinary business income $45,000

Interest income 8,000

Net Section 1231 loss 5,000

Cash distribution 6,000

The holding period of a partnership interest acquired in exchange for a contributed capital asset begins on the date: