L is a partner with an outside basis = $30,000. The basis is made up of a $10,000 contribution of cash and a $20,000 share
L is a partner with an outside basis = $30,000. The basis is made up of a $10,000 contribution of cash and a $20,000 share of the partnerships nonrecourse financing. Ls share of partnership losses for the current year is $18,000. L may deduct in the current year:
| a. | A loss = $18,000 | c. | A loss = $30,000 |
| b. | A loss = $10,000 | d. | A loss = $20,000 |
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Authors: IBM Redbooks
1st Edition
0738418501, 978-0738418506
