Question 18 of 76. O For the tax year, ABC partnership reported a 560,000 ordinary loss...

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Answer 1

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18 )Ans :- Option 4 Allowable loss $34,000 Adjusted basis $1000

Allowable loss = 68000 * 50 %.

= $ 34,000.

Adjusted basis in ABC Partnership = (30000 * 50 % + 20000) - 34000.

= (15000 + 20000) - 34000

= 35000 - 34000

= $ 1,000.

Conclusion :-

Allowable loss	$ 34,000.
Adjusted basis in ABC Partnership	$ 1,000.

19) Ans:- Option 2) $85,000

Hailie's ending tax capital account = cash contributed + Share of ordinary income = $55000 + ($90000 / 3) = $85000

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Answer 2

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