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In 2015, Andrew contributed equipment with an adjusted basis of $36,000 and a FMV of $34,000 to Construction Limited Partnership (CLP) in return for a
In 2015, Andrew contributed equipment with an adjusted basis of $36,000 and a FMV of $34,000 to Construction Limited Partnership (CLP) in return for a 3% limited partnership interest. Andrews share of CLP income and losses for the year were as follows:
Interest | $ | 1,300 | |
Dividends | 1,100 | ||
Capital gain | 1,700 | ||
Ordinary loss | (5,125 | ) | |
|
CLP had no liabilities. What are Andrews initial basis, allowed losses, and ending at-risk amount?
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