Question
Kelly invests in a partnership NOT subject to passive activity limitations Investment amount $40,000 Partnership interest 20% Partneship takes out mortgage $800,000 and acquires assets
| Kelly invests in a partnership NOT subject to passive activity limitations | |||||||
| Investment amount | $40,000 | ||||||
| Partnership interest | 20% | ||||||
| Partneship takes out mortgage | $800,000 | ||||||
| and acquires assets | $2,000,000 | ||||||
| Partnership loss for 2021 | $(140,000) | ||||||
| Partnership loss for 2022 | $ (85,000) | ||||||
| Determine the amount that Kelly can deduct of the partnership 2021 |
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| Determine the amount that Kelly can deduct of the partnership 2022 |
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Financial Sector Reform And Privatization In Transition Economies
Authors: John Doukas, Victor Murinde, Clas Wihlborg
1st Edition
044482653X, 9780444826534
