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In 2016, Andrew contributed equipment with an adjusted basis of $34,000 and a FMV of $32,000 to Construction Limited Partnership (CLP) in return for a
In 2016, Andrew contributed equipment with an adjusted basis of $34,000 and a FMV of $32,000 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 | $ | 1,200 | ||
Dividends | 1,000 | |||
Capital gain | 1,600 | |||
Ordinary loss | (5,025 | ) | ||
|
CLP had no liabilities. What are Andrews initial basis, allowed losses, and ending at-risk amount?
Initial at-risk basis- _______
Allowed Loss- _________
Closing at-risk basis- ___________
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