Question
Juggernaut acquired a passive partnership activity in January of 2015.His at-risk basis at the beginning of 2018 was $65,000.Juggernaut also owns a rental property that
Juggernaut acquired a passive partnership activity in January of 2015.His at-risk basis at the beginning of 2018 was $65,000.Juggernaut also owns a rental property that generated income of $23,000 in 2018 and $19,000 in 2019.Juggernaut's share of income and loss from the partnership activity is:
2018<$79,000>
201932,000
Complete the following tables.
AT RISK RULES ONLY
FOR 2018
Deductible under at-risk provisions____________________
Adjusted basis at 12/31/18____________________
Suspended under at-risk provisions___________________
FOR 2019
Deductible under at-risk provisions____________________
Adjusted basis at 12/31/19____________________
Suspended under at-risk provisions____________________
PASSIVE RULES ONLY
FOR 2018
Deductible under passive loss provisions____________________
Suspended under passive loss provisions____________________
FOR 2019
Deductible under passive loss provisions____________________
Suspended under passive loss provisions____________________
BONUS (apply both at risk and passive rules together) (3 points)
FOR 2018
Deductible under at-risk provisions____________________
Adjusted basis at 12/31/18____________________
Suspended under at-risk provisions____________________
Deductible under passive loss provisions____________________
Suspended under passive loss provisions____________________
FOR 2019
Deductible under at-risk provisions____________________
Adjusted basis at 12/31/19____________________
Suspended under at-risk provisions____________________
Deductible under passive loss provisions____________________
Suspended under passive loss provisions____________________
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