Refer to the facts in Problem 33 and assume that Triple-K allocated to Wilmah net income of
Question:
Refer to the facts in Problem 33 and assume that Triple-K allocated to Wilmah net income of \(\$ 10,000\) from operations in 2018 . What amount does Wilmah have at risk as of January 1,2019 ? Would your answer be different if she also withdrew \(\$ 5,000\) ? Explain.
Problem 33
In 2018, Wilmah Lansing invested in the Triple-K Limited Partnership by paying \(\$ 15,000\) cash and signing a \(\$ 40,000\) nonrecourse note. She also pledged \(\$ 25,000\) worth of securities for a loan obtained by the partnership. Her basis in the securities was \(\$ 10,000\). What amount does Wilmah have at risk in Triple-K as of January 1, 2019, if the partnership broke even (no income or loss)?
Step by Step Answer:
To determine the amount Wilmah has at risk as of January 1 2019 we need to calculate her atrisk amou...View the full answer
CCH Federal Taxation 2019 Comprehensive Topics
ISBN: 9780808049081
2019 Edition
Authors: Ephraim P. Smith, Philip J. Harmelink, James R. Hasselback
