Question
Ben Figgie acquired a passive partnership activity in January of 2013. His at-risk basis at the beginning of 2017 was $65,000. Ben Figgie also owns
Ben Figgie acquired a passive partnership activity in January of 2013. His at-risk basis at the beginning of 2017
was $65,000. Ben Figgie also owns a rental property that generated income of $15,000 in 2017and $12,000 in
2018. Ben Figgies share of income and loss from the partnership activity is:
2017 <$95,000>
2018. 55,000
Complete the following tables.
AT RISK RULES ONLY
FOR 2017
Deductible under at-risk provisions. ____________________
Adjusted basis at 12/31/17. ____________________
Suspended under at-risk provisions. ____________________
FOR 2018
Deductible under at-risk provisions. ____________________
Adjusted basis at 12/31/18. ____________________
Suspended under at-risk provisions. ____________________
PASSIVE RULES ONLY
FOR 2017
Deductible under passive loss provisions. ____________________
Suspended under passive loss provisions. ____________________
FOR 2018
Deductible under passive loss provisions. ____________________
Suspended under passive loss provisions. ____________________
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored 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