Problem NO: 33

Carmine was allocated the following items from the Piccolo LLC for last year:\nOrdinary business loss\nNondeductible penalties\nTax-exempt interest incom

Carmine was allocated the following items from the Piccolo LLC for last year:

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Ordinary business loss

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Nondeductible penalties

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Tax-exempt interest income

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Short-term capital gain

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Cash distributions

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Rank these items in terms of the order they should be applied to adjust Carmine’s tax basis in Piccolo for the year (some items may be of equal rank).

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