# Provide an explanation of the correct answer and why the other choices are incorrect. 3) Gray...

###### Question:

provide an explanation of the correct answer and why the other choices are incorrect.
3) Gray is a 50% partner in Fabco Partnership. Gray’s tax basis in Fabco on January 1, year 4, was $5,000. Fabco made no distributions to the partners during year 4 and recorded the following: Ordinary income$20,000
Tax-exempt income 8,000
Portfolio income 4,000
What is Gray’s tax basis in Fabco on December 31, year 4?
a) $21,000 b)$16,000
c) $12,000 d)$10,000

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