LO.1, 3 In 2007, Gene acquired an interest in a partnership in which he is not a
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LO.1, 3 In 2007, Gene acquired an interest in a partnership in which he is not a material participant. The partnership was profitable through 2010, and Gene’s basis in this partnership interest at the beginning of 2011 was $60,000. Gene’s share of the partnership loss was $45,000 in 2011, and his share of the partnership income is $25,000 in 2012. How much can Gene deduct for 2011 and 2012?
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Related Book For
South Western Federal Taxation 2013 Individual Income Taxes
ISBN: 9781133189558
36th Edition
Authors: William Hoffman, James E. Smith
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