Question
Hello, Can someone help me with the following problem? Thank you in advance! In 2014, Matthew contributes equipment with an adjusted basis of $40,000 and
Hello, Can someone help me with the following problem? Thank you in advance!
In 2014, Matthew contributes equipment with an adjusted basis of $40,000 and a FMV of $36,000 to Construction Limited Partnership (CLP) in return for a 3% limited partnership interest. Matthew's share of CLP income and losses for the year were as follows:
Interest $1,000
Dividends $600
Capital gains $1,800
Ordinary loss ($8,650)
CLP had no liabilities. What are Matthew's initial basis, allowed losses, and ending at-risk amount?
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Income Tax Fundamentals 2013
Authors: Gerald E. Whittenburg, Martha Altus Buller, Steven L Gill
31st Edition
1111972516, 978-1285586618, 1285586611, 978-1285613109, 978-1111972516
