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At the beginning of Year 1 Ms. Mushreom, an individual, purchased a 15 percent interest in Fungi Partnership for $23,000. Ms Mushroom's Schedule K-1 reported

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At the beginning of Year 1 Ms. Mushreom, an individual, purchased a 15 percent interest in Fungi Partnership for $23,000. Ms Mushroom's Schedule K-1 reported that her share of Fungi's debt at year-end was $17,000, and her share of ordinary loss was $36,550. On January 1, Yoar 2, Ms. Mushroom sold her interest to another portner for $2,500 cash- Required: a. How much of her share of Fungi's loss can Ms, Mushroom deduct on her Yoar 1 tax teturn? b. Compute Ms. Mushroorn's recognized gain on sale of her Fungl Partnership interest: c. How would your answers to parts a and b change if Fungi were an $ corporation instead of a parthership? Complete this question by entering your answers in the tabs below. How much of her share of Fungis loss can Ms. Mushroom deduct on her Year 1 tax feturn? Required: a. How much of her share of Fungi's loss can Ms. Mushroom deduct on her Year 1 tax return? b. Compute Ms. Mushroom's recognized gain on sale of her Fungi Parthership interest. c. How would your answers to parts a and b change if Fungi were an S corporation instead of a partnership? Complete this question by entering your answers in the tabs below. Compute Ms. Mushroom's recognized gain on sale of her Fungi Partnership interest. At the beginning of Year 1Ms. Mushroom, an individual, purchased a 15 percent interest in Fungi Partnership for $23,000. Ms. Mushroom's Schedule K-1 reported that her share of Fungi's debt at year-end was $17,000, and her share of ordinary loss was $36,550. On January 1, Year 2, Ms. Mushroom sold her interest to another partner for $2,500 cash. Required: a. How much of her share of Fungi's loss can Ms. Mushroom deduct on her Year 1 tax return? b. Compute Ms. Mushroom's recognized gain on sale of her Fungi Partnership interest. c. How would your answers to parts a and b change if Fungi were an S corporation instead of a partnership? Complete this question by entering your answers in the tabs below. How would your answers to parts a and b change if Fungi were an S corporation instead of a partnership

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