Tax 4


Question Description:

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Tax 4 1 answer below ยป Partner X of the XYZ equal partnership has a total basis in her partnership interest of $30,000. The partnership has $21,000 of nonqualified nonrecourse debt,
and no recourse debt. XYZ has a current ordinary loss of ($120,000). X does not materially participate in XYZ, and also has another passive activity for which
her share of the income for the year is $5,000. How much of X’s share of the XYZ loss is deductible, and how much and at what level (basis, at-risk amount,
passive activity loss) are X’s carryovers to the next year? Dec 07 2013 01:57 PM

Answer

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