Abby is a limited partner in a limited partnership. Her basis in the partnership interest is...
Abby is a limited partner in a limited partnership. Her basis in the partnership interest is $80,000 with an at-risk basis of $75,000. Abby’s share of the partnership loss for the tax year is $90,000.
She reports other income of $275,000 from her job as a controller.
How much of the $90,000 can Abby offset against her other income of $275,000? What happens to any balance that cannot be deducted in the current tax year?
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Abby is a limited partner in a
limited partnership. Her basis in the partnership interest
is...
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