Larry’s tax basis in his partnership interest at the beginning of the year was $25,000. If...
Larry’s tax basis in his partnership interest at the beginning of the year was $25,000. If his share of the partnership debt increased by $18,500 during the year and his share of partnership income for the year is $12,000, what is his tax basis in his partnership interest at the end of the year?
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Larry’s tax basis in his partnership interest at the beginning
of the year was $25,000. If...
Larry’s tax basis in his partnership interest at the beginning of the year was $20,000. If...
Larry’s tax basis in his partnership interest at the beginning of the year was $20,000. If his share of the partnership debt increased by $14,500 during the year and his share of partnership income for the year is $2,800, what is his tax basis in his partnership interest at the end of the year? Tax Basis:
George and Martha are equal partners in G&M Partnership. At the beginning of the current tax year, the adjusted basis of George's partnership interest was $29,800, which included his share of...
George and Martha are equal partners in G&M Partnership. At the beginning of the current tax year, the adjusted basis of George's partnership interest was $29,800, which included his share of $34,000 of partnership liablities. During the tax year, the following information applied to G&M: Operating loss $23,000 Interest and dividend income $10,000 Partnership liabilities at end of year $29,000 What was the basis of George's partnership interest at year-end? $15,800 $23,300 $20,800 $3,800
Jenna began the tax year with a tax basis of $30,000 in her partnership interest. Her...
Jenna began the tax year with a tax basis of $30,000 in her partnership interest. Her share of partnership debt consists of $11,000 of recourse debt and $14,000 of nonrecourse debt at the beginning of the year and $11,000 of recourse debt and $18,000 of nonrecourse debt at the end of the year. During the year, she was allocated $50,000 of partnership ordinary business loss. Jenna does not materially participate in this partnership, and she has $7,000 of passive income...
Hilary had an outside basis in LTL, General Partnership of $10,000 at the beginning of the...
Hilary had an outside basis in LTL, General Partnership of $10,000 at the beginning of the year. LTL reported the following items on Hllary/'s K-1 for the year: ordinary business income of $5,000, a $10,000 reduction in Hilary's share of partnership debt, a cash contribution of $20.000. and tax-exempt income of $3,000. How much capital gain must Hilary report, and what is Hilary's adjusted basis at the end of the year? $12,000 gain; ($12,000) adjusted basis. $0 gain; ($12,000) adjusted...
Juan Diego began the year with a tax basis in his partnership interest of $40,000. During...
Juan Diego began the year with a tax basis in his partnership interest of $40,000. During the year, he was allocated $25,000 of partnership ordinary business income, $80,000 of §1231 losses, and $120,000 of short-term capital losses and received a cash distribution of $40,000. (Do not round intermediate calculations.) a. What items related to these allocations does Juan Diego actually report on his tax return for the year? [Hint: See Reg. §1.704-1(d)(2) and Rev. Rul. 66-94.] b. If any deductions...
Parker a 25% partner in Delta Partnership, has a basis of $25,000 in his partnership interest....
Parker a 25% partner in Delta Partnership, has a basis of $25,000 in his partnership interest. Parker receives a cash distribution of $24,000 at year-end. What is Parker's recognized gain or loss?
Problem 6-34 (LO 6-2) (Algo) Larry recently invested $26,500 (tax basis) in purchasing a limited partnership...
Problem 6-34 (LO 6-2) (Algo) Larry recently invested $26,500 (tax basis) in purchasing a limited partnership interest. His at-risk amount is also $26,500. In addition, Larry’s share of the limited partnership loss for the year is $2,325, his share of income from a different limited partnership is $1,130, and he has $3,650 of dividend income from the stock he owns. How much of Larry’s $2,325 loss from the limited partnership can he deduct in the current year?
Sam's basis in a partnership is $100 at the beginning of the partnership's tax year. During...
Sam's basis in a partnership is $100 at the beginning of the partnership's tax year. During that, Sam receives a cash distribution of $60 and his partnership share of the loss is $50. How much of the loss is passed through to Sam? $60,$50,or $40?
Larry recently invested $25,500 (tax basis) in purchasing a limited partnership interest. His at-risk amount is...
Larry recently invested $25,500 (tax basis) in purchasing a limited partnership interest. His at-risk amount is also $25,500. In addition, Larry's share of the limited partnership loss for the year is $2,275, his share of income from a different limited partnership is $1,110, and he has $3,550 of dividend income from the stock he owns. How much of Larry's $2,275 loss from the limited partnership can he deduct in the current year? Deductible loss
W is a partner in the equal WXYZ partnership. At the beginning of the year, his...
W is a partner in the equal WXYZ partnership. At the beginning of the year, his basis in his partnership interest is $60,000. On Jan. 15, W takes a draw against earnings of $40,000. On June 1, the partnership pays off $60,000 of debt. On Sept. 1, W gets a distribution of cash of $30,000 that is a draw against earnings. The partnership’s income from the year is $250,000. What is the effect of each of these items on W’s...
Hilary had an outside basis in LTL, General Partnership of $10,000 at the beginning of the year. LTL reported the following items on Hllary/'s K-1 for the year: ordinary business income of $5,000, a $10,000 reduction in Hilary's share of partnership debt, a cash contribution of $20.000. and tax-exempt income of $3,000. How much capital gain must Hilary report, and what is Hilary's adjusted basis at the end of the year? $12,000 gain; ($12,000) adjusted basis. $0 gain; ($12,000) adjusted...
Larry recently invested $25,500 (tax basis) in purchasing a limited partnership interest. His at-risk amount is also $25,500. In addition, Larry's share of the limited partnership loss for the year is $2,275, his share of income from a different limited partnership is $1,110, and he has $3,550 of dividend income from the stock he owns. How much of Larry's $2,275 loss from the limited partnership can he deduct in the current year? Deductible loss
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