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QUESTION 17 Fannie and Beola do business as the Riggins Partnership, sharing profits and losses equally. All parties use the calendar year for tax purposes
QUESTION 17 Fannie and Beola do business as the Riggins Partnership, sharing profits and losses equally. All parties use the calendar year for tax purposes which is still presently outstanding on January 1, 2020, Fannie's basis in her Partnership Interest was $50,000 and she made no Withdrawals during the year. The Partnership sustained an Operating Loss (Nonseparately stated Items) of $120,000 in 2020 Fannie's personal Federal Income Tax Return (Form 1040) for 2020 should include An Ordinary Loss of $30.000 and a Capital Loss of $20,000 An Ordinary Loss of $60,000 An Ordinary Loss of $40,000 and a Capital Loss of $10,000 An Ordinary Loss of $50.000
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