Question
In 2015, Peppermint Patty invests $82,500 in a limited partnership that is not a passive activity (only the at-risk rules apply) During 2015, her share
In 2015, Peppermint Patty invests $82,500 in a limited partnership that is not a passive activity (only the at-risk rules apply) During 2015, her share of the partnership loss is $26,000. In 2016, her share of the partnership loss is $64,000. a. How much can Peppermint Patty deduct on her 2015 tax return? b. What is the amount of Peppermint Patty's at-risk basis at the end of 2015? c. What is the amount of Peppermint Patty's suspended losses at the end of 2015? d. How much can Peppermint Patty deduct on 2016 tax return? e. What is the amount Peppermint Patty's at-risk basis at the end of 2016? f. What is the amount of Peppermint Patty's suspended losses at the end of 2016?
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