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The HK Partnership is a general partnership that manufactures widgets. (Click the icon to view the partnership information.) Requirement a. What is each partner's deductible loss from the partnership's activities before any passive loss limitation? Amount of Deductible Partner Loss Carson Smith Corporation Data Table - X The partnership uses a calendar year as its tax year and has two equal partners, Carson and Smith Corporation, a widely held corporation. Carson is married and files a joint tax return. On January 1 of the current year, Carson and Smith Corporation each has a $180,000 basis in the partnership interest. Operations during the year produce the following results: Ordinary loss $ 920,000 Long-term capital loss 80,000 Short-term capital gain 280,000 The only change in HK's liabilities during the year is HK's borrowing $95,000 as a nonrecourse loan (not qualified real estate financing) that remains outstanding at year-end. Requirements a. What is each partner's deductible loss from the partnership's activities before any passive loss limitation? b. What is each partner's basis in the partnership interest after the year's operations? c. How would your answers to Parts a and b change if the HK Partnership's business were totally in real estate but not a rental activity? Assume the loan is qualified real estate financing. Print Done The HK Partnership is a general partnership that manufactures widgets. (Click the icon to view the partnership information.) Requirement a. What is each partner's deductible loss from the partnership's activities before any passive loss limitation? Amount of Deductible Partner Loss Carson Smith Corporation Data Table - X The partnership uses a calendar year as its tax year and has two equal partners, Carson and Smith Corporation, a widely held corporation. Carson is married and files a joint tax return. On January 1 of the current year, Carson and Smith Corporation each has a $180,000 basis in the partnership interest. Operations during the year produce the following results: Ordinary loss $ 920,000 Long-term capital loss 80,000 Short-term capital gain 280,000 The only change in HK's liabilities during the year is HK's borrowing $95,000 as a nonrecourse loan (not qualified real estate financing) that remains outstanding at year-end. Requirements a. What is each partner's deductible loss from the partnership's activities before any passive loss limitation? b. What is each partner's basis in the partnership interest after the year's operations? c. How would your answers to Parts a and b change if the HK Partnership's business were totally in real estate but not a rental activity? Assume the loan is qualified real estate financing. Print Done