Christie purchases a one-third interest in the Corporate Capital Partnership (CCP) in 2017 for $40,000. During 2017,
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Christie purchases a one-third interest in the Corporate Capital Partnership (CCP) in 2017 for $40,000. During 2017, CCP earns an income of $90,000, and Christie withdraws $30,000 in cash from the partnership. In 2018, CCP suffers a loss of $30,000, and Christie withdraws $10,000. What are the tax consequences for Christie of this investment in 2017 and 2018?
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Christie will include her share of the partnership income 30000 90000 x 13 on her indivi...View the full answer
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Related Book For 
Concepts In Federal Taxation
ISBN: 9781337702621
26th Edition
Authors: Kevin E. Murphy, Mark Higgins
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