@Gabe and HR, here's the complete info for Becker R4 Sim2 Task4 copied/pasted below:
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During years 1 and 2, Smith and Parker were equal partners in the ABC Partnership, a computer technology business involving web site design and computer hardware repair. At start-up of the ABC Partnership on January 1, Year 1, Smith and Parker each contributed $50,000 in cash.
During Year 1, Smith and Parker each contributed an additional $15,000 and received distributions of $2,000 each.
ABC Partnership reports the following items during Year 1:
Item Year 1
Ordinary income from trade or business activities as reported on Schedule K of the partnership return for allocation to the partners $46,000
Interest income 1,400
Life insurance premiums paid on lives of partners (partnership is beneficiary) 1,600
Penalties paid for late payment of payroll taxes 200
Guaranteed payment to Parker 10,000
Purchase of land for investment 6,000
Use the table below to determine Smith's tax basis in the partnership interest at the end of year 1. Not all entries may be needed for the determination. For any item not needed, enter a zero (0). Decreases in tax basis should be shown as negative values.
Smiths' beginning tax basis $50,000
Ordinary income from trade or business activities
Interest income
Life insurance premiums paid on lives of partners (partnership is beneficiary)
Penalties paid for late payment of payroll taxes
Guaranteed payment to Parker
Additional capital contributions
Distributions
Purchase of land for investment
Smiths' tax basis at end of year $50,000
.