Clifford Johnson has a limited partnership investment and a rental condominium. Clifford actively manages the rental condominium.

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Clifford Johnson has a limited partnership investment and a rental condominium. Clifford actively manages the rental condominium. During 2016, his share of the loss from the limited partnership was $11,000, and his loss from the rental condo was $17,000. Assuming Clifford's modified adjusted gross income is $118,000 for 2016, and he has no prior year unallowed losses from either activity, complete Form 8582 on Page 4-39.
Partnership
A legal form of business operation between two or more individuals who share management and profits. A Written agreement between two or more individuals who join as partners to form and carry on a for-profit business. Among other things, it states...
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Income Tax Fundamentals 2017

ISBN: 9781305872738

35th Edition

Authors: Gerald E. Whittenburg, Steven Gill, Martha Altus Buller

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