Jeff, a 10% limited partner in the recently formed JRS Partnership, expects to have losses from the

Question:

Jeff, a 10% limited partner in the recently formed JRS expects to have losses from the for several more years. He is considering purchasing an interest in a profitable general in which he will materially participate. Will the purchase allow him to use his losses from the JRS 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...