46 On December 31, 20X1, John owns a 50 partnership interest in which he has a $300,000 tax basis and no amount at risk The calendar year partnership has one activity In earlier years, John deducted ordinary losses of $25,000 from the partnership for which he was fully at risk During 20X2, John receives a $50,000 distribution from the partnership and is allocated a tax loss of $100,000 How much should be reported as income in 20X2 How much should be reported as loss in 20X2 How much loss is suspended and carried forward

Question

46  On December 31, 20X1, John owns a 50  partnership interest in which he has a $300,000 tax basis and no amount at risk  The calendar year partnership has one activity  In earlier years, John deducted ordinary losses of $25,000 from the partnership for which he was fully at risk  During 20X2, John receives a $50,000 distribution from the partnership and is allocated a tax loss of $100,000  How much should be reported as income in 20X2                       How much should be reported as loss in 20X2                       How much loss is suspended and carried forward

Accepted Answer

The Answer is in the image, click to view ...

Question

46. On December 31, 20X1, John owns a 50% partnership interest in which he has a $300,000 tax basis and no amount at risk. The

Step by Step Solution

Step: 1

Get Instant Access with AI-Powered Solutions

Step: 2

Step: 3

Ace Your Homework with AI

Students also viewed these Accounting questions

Question

Question

Question

Question

Question

Question

Question

Question

Question