Question
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
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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Accounting Theory Conceptual Issues in a Political and Economic Environment
Authors: Harry I. Wolk, James L. Dodd, John J. Rozycki
9th edition
9781483375014, 1483375013, 9781506300108, 1506300103, 978-1483375021
