Question
In 2014, Jerry acquired an interest in a partnership in which he is not a material participant. The partnership was profitable until 2015. Jerrys basis
In 2014, Jerry acquired an interest in a partnership in which he is not a material participant. The partnership was profitable until 2015. Jerrys basis in the partnership interest at the beginning of 2015 was $56,000. In 2015, his share of the partnership loss was $42,500. In 2016, his share of the partnership income was $17,800. How much can Jerry deduct in 2015 and 2016?
| 2015 | 2016 | |
| Deductible Losses | ||
| Suspended Losses | ||
| Basis in partnership |
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Financial Accounting Reporting Analysis And Decision Making
Authors: Shirley Carlon, Rosina Mladenovic Mcalpine, Chrisann Palm, Lorena Mitrione, Ngaire Kirk, Lily Wong
5th Edition
0730313743, 978-0730313748
