Answered step by step
Verified Expert Solution
Question
1 Approved Answer
an individual recieved a k-1 from a 1065. on the k-1 they received line 11 code E cancellation of debt for the amount of $189,000.
an individual recieved a k-1 from a 1065. on the k-1 they received line 11 code E cancellation of debt for the amount of $189,000. will this be twxabke income for the client? will this offset line 1 on k-1 of -102,000 ordinary loss? if so where wod this income flow to the 1040? schedule e and in what amount?
if so where wod this income flow to the 1040? schedule e and in what amount?
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access with AI-Powered Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started