37. LO.1, 3 A number of years ago, Kay acquired an interest in a partnership in which...
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37. LO.1, 3 A number of years ago, Kay acquired an interest in a partnership in which she is not a material participant. Kay’s basis in her partnership interest at the beginning of 2012 is $40,000. Kay’s share of the partnership loss is $35,000 in 2012, while her share of the partnership income is $15,000 in 2013. How much may Kay deduct in 2012 and 2013?
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Related Book For 
South-Western Federal Taxation 2014 Corporations Partnerships Estates And Trusts
ISBN: 9781285424484
37th Edition
Authors: William H. Hoffman Jr., William A. Raabe, James E. Smith, David M. Maloney, James C. Young
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