In 2012, Jerry acquired an interest in a partnership in which he is not a material participant The partnership was profitable until 2013 Jerrys basis in the partnership interest at the beginning of 2013was $55,000 in 2013, his share of the partnership loss was $40,000 In 2014 his share of the partn...

In 2012, Jerry acquired an interest in a partnership in which he is not a material participant.

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In 2012, Jerry acquired an interest in a in which he is not a material participant. The was profitable until 2013. Jerry’s basis in the interest at the beginning of 2013was $55,000 in 2013, his share of the loss was $40,000. In 2014 his share of the income was $18,000. How much can Jerry deduct in 2013 and 2014?

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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Question Posted: Feb 04, 2016 06:07 AM

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In 2012, Jerry acquired an interest in a partnership in which he is not a material participant.

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Basis 55000 2013 loss 40000 suspended under the PAL rules Basis 15000 2014 in...View the full answer

Fundamentals Of Taxation 2015

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