Question
Joe invested $5,000 in partnership A and $30,000 in partnership B. Joe is retired and therefore works only a few hours a month in each
Joe invested $5,000 in partnership A and $30,000 in partnership B. Joe is retired and therefore works only a few hours a month in each partnership. In addition, Joe has $3,000 of W-2 wage income and $2,000 interest income. His share of partnership A's loss is $7,000 and his share of partnership B's profit is $4,000.
What is Joe's Basis/at-risk amount for each partnership at year end?
How much income/loss must Joe include from the two partnerships in determining his AGI?
What is the amount of suspended losses available to Joe in future years, if any?
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Intermediate Accounting 2014 FASB Update
Authors: Donald E. Kieso, Jerry J. Weygandt, Terry D. Warfield
15th edition
978-1118938782, 111893878X, 978-1118985311, 1118985311, 978-1118562185, 1118562186, 978-1118147290
