Thomas Settleton owned an interest as a general partner in LBO partnership. Settleton was not a material
Question:
Thomas Settleton owned an interest as a general partner in LBO partnership. Settleton was not a material participant in the activity.
His basis was $25,000 on the date he gifted the LBO partnership interest to his son, Willard.
Suspended losses amounted to $40,000 as of that date. What are the federal income tax consequences of the gift to the son?
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When gifting a partnership interest the donee Willard inherits the donors Thomas Settlet...View the full answer
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Related Book For 
CCH Federal Taxation Basic Principles 2020
ISBN: 9780808051787
2020 Edition
Authors: Ephraim P. Smith, Philip J. Harmelink, James R. Hasselback
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