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Kelly is a partner in the JK partnership. She does not materially participate. Her adjusted outside basis in the partnership is $75,000. Of this, $25,000
Kelly is a partner in the JK partnership. She does not materially participate. Her adjusted outside basis in the partnership is $75,000. Of this, $25,000 comes from non-recourse debt. Her share of partnership losses from JK is $60,000, and she has passive income of $25,000 from other activities. What is the maximum amount of the losses from JK that she is able to deduct?
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SOLUTION THE ADJUSTED BASIS REPRESENT THE AMOUNT KEL...
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Tax Research
Authors: Barbara H. Karlin
4th Edition
013601531X, 978-0136015314
