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need help with all parts please!! At the beginning of Year 1 Ms. Mushroom, an individual, purchased a 15 percent interest in Fungi Partnership for
need help with all parts please!!
At the beginning of Year 1 Ms. Mushroom, an individual, purchased a 15 percent interest in Fungi Partnership for $23,000. Ms. Mushroom's Schedule K-1 reported that her share of Fungi's debt at year-end was $17,000, and her share of ordinary loss was $36,550. On January 1, Year 2. Ms. Mushroom sold her interest to another partner for $2,500 cash. Required: a. How much of her share of Fungi's loss can Ms. Mushroom deduct on her Year 1 tax return? b. Compute Ms. Mushroom's recognized gain on sale of her Fungi Partnership interest. c. How would your answers to parts a and b change if Fungi were an S corporation instead of a partnership? Complete this question by entering your answers in the tabs below. Required A Required B Required C How much of her share of Fungi's loss can Ms. Mushroom deduct on her Year 1 tax return? Deduction Required B > At the beginning of Year 1 Ms. Mushroom, an individual, purchased a 15 percent interest in Fungi Partnership for $23,000. Ms. Mushroom's Schedule K-1 reported that her share of Fungi's debt at year-end was $17,000, and her share of ordinary loss was $36,550. On January 1, Year 2, Ms. Mushroom sold her interest to another partner for $2,500 cash. Required: a. How much of her share of Fungi's loss can Ms. Mushroom deduct on her Year 1 tax return? b. Compute Ms. Mushroom's recognized gain on sale of her Fungi Partnership interest. c. How would your answers to parts a and b change if Fungi were an Scorporation instead of a partnership? Complete this question by entering your answers in the tabs below. Required A Required B Required Compute Ms. Mushroom's recognized gain on sale of her Fungi Partnership interest. Gain recognized At the beginning of Year 1 Ms. Mushroom, an individual, purchased a 15 percent interest in Fungi Partnership for $23,000. Ms. Mushroom's Schedule K-1 reported that her share of Fungi's debt at year-end was $17,000, and her share of ordinary loss was $36,550. On January 1. Year 2, Ms. Mushroom sold her interest to another partner for $2.500 cash. Required: a. How much of her share of Fungi's loss can Ms. Mushroom deduct on her Year 1 tax return? b. Compute Ms. Mushroom's recognized gain on sale of her Fungi Partnership interest. C. How would your answers to parts a and b change if Fungi were an S corporation instead of a partnership? Complete this question by entering your answers in the tabs below. Required A Required B Required How would your answers to parts a and b change if Fungi wele an s corporation instead of a partnership? Amount Deduction Gain recognized Step by Step Solution
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