Laura is a non-passive general partner in the Douglass Partnership. At the start of 2022, her outside
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Laura is a non-passive general partner in the Douglass Partnership. At the start of 2022, her outside basis in Douglass is $10,000. During 2022, Douglass allocates loss of $8,000 to Laura and makes a $4,000 cash distribution to Laura. What is Laura’s deductible loss for 2022 and what is her basis at year-end?
a. $0 deductible loss and $0 basis.
b. $8,000 deductible and $0 basis.
c. $6,000 deductible and $4,000 basis.
d. $6,000 deductible and $0 basis.
e. $8,000 deductible and $2,000 basis.
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D Basis must be redu...View the full answer
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Related Book For 
Income Tax Fundamentals 2023
ISBN: 9780357719527
41st Edition
Authors: Gerald E. Whittenburg, Steven Gill
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