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As of January 1, 2021, Norman has a basis of $85,000 in his 30% capital interest in the Plata Partnership. He and the partnership use
As of January 1, 2021, Norman has a basis of $85,000 in his 30% capital interest in the Plata Partnership. He and the partnership use the calendar year for tax purposes. The partnership incurs an operating loss of $440,000 for 2021 and a profit of $285,000 for 2022. If an amount is zero, enter "O". a. Norman recognizes $ of loss in 2021. b. Norman recognizes $ of reportable income for 2022. C. Norman's basis in his partnership interest for January 1, 2022, is s d. Norman's basis in his partnership interest as of January 1, 2023, is $ e. What year-end tax planning would you suggest to ensure that a partner could deduct all of his or her share of any partnership losses
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