Question
. Kanga is a 10% partner in Roo, Ltd. His basis in the interest is $60,000 before loss allocations, including his $30,000 share of the
. Kanga is a 10% partner in Roo, Ltd. His basis in the interest is $60,000 before loss allocations, including his $30,000 share of the partnership's nonrecourse debt (it is not qualified nonrecourse financing). He also is a 10% limited partner in IHOP, in which his basis is $30,000. Kanga is allocated an $80,000 loss from Roo and $20,000 of income from IHOP.
How much of the Roo loss may Kanga deduct?
DEDUCTIBLE SUSPENDED
LOSS LOSS
Under what Code provisions are the remaining losses suspended?
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Financial Accounting
Authors: Paul D. Kimmel, Jerry J. Weygandt, Donald E. Kieso
7th Edition
1118725786, 978-1118725788
