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Partner X of the XYZ equal partnership has a total basis in her partnership interest of $90,000. Partner X is a 1/3 partner. The
Partner X of the XYZ equal partnership has a total basis in her partnership interest of $90,000. Partner X is a 1/3 partner. The partnership has $63,000 of nonqualified nonrecourse debt, of which Partner X's correct allocable share is $21,000. The partnership has no recourse debt. XYZ has a ordinary loss of ($360,000) in the current year. Partner X does not materially participate in XYZ partnership. Partner X has another passive activity for which her share of the income for the year is $15,000. What amount of Partner X's share of the XYZ loss is carried over to future years at the basis level under IRC Sec. 704(d)? Please write all losses in parenthesis. Hint: Not the amount that clears the limitation. A/ What amount of Partner X's share of the XYZ loss is carried over to future years at the at-risk amount level under IRC Sec. 465? Please write all losses in parenthesis. Hint: Not the amount that clears the limitation. A/ What amount of Partner X's share of the XYZ loss is carried over to future years at the passive activity loss level IRC Sec. 469? Please write all losses in parenthesis. Hint: Not the amount that clears the limitation. A/ How much Partner X's share of the XYZ loss is deductible in the current year? Please write all losses is parenthesis. A/
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