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Calculate the taxable portion of limit partnership. And the carry forward During the year, Janice invested $10,000 (tax basis and at-risk basis) into XYZ limited

Calculate the taxable portion of limit partnership. And the carry forward image text in transcribed
During the year, Janice invested $10,000 (tax basis and at-risk basis) into XYZ limited partnership (a passive investment). Her share of the limited partnership income for the year was 5,000/and Janice received a $1,000 distribution from XYZ limited partnership. During the year, Janice also invested $2,000 (tax basis and at-risk basis) into ABC limited rship (a passive investment). Her share of the limited partnership loss for the year was 3,000. Because ABC limited partnership lost money during the year there were no distributions aid to partners

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