Question
R is a 25% general partner in Forlorn Partners. Her K-1 from the partnership reports the following: Net rental real estate income (loss) ($45,000) Guaranteed
R is a 25% general partner in Forlorn Partners. Her K-1 from the partnership reports the following:
| Net rental real estate income (loss) | ($45,000) |
| Guaranteed payments | 20,000 |
| Interest income | 1,500 |
| Unrecaptured Sec. 1250 gain | 18,000 |
| Other deductions: | |
| Charitable deductions | 750 |
| Investment interest expense | 800 |
R is not a real estate professional. She received the guaranteed payment from the partnership for legal services provided. The Sec. 1250 gain reported by the partnership is attributable to the partnerships sale of one of its rental real estate properties during the year.
Compute Rs net passive loss from Forlorn Partners.
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Accountants Truth Knowledge And Ethics In The Financial World
Authors: Matthew Gill
1st Edition
0199547149, 9780199547142
