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Request assistance with this question as I am off on the deductible losses for 2019 as it is not 40,000. Thanks In 2018, Jerry acquired
Request assistance with this question as I am off on the deductible losses for 2019 as it is not 40,000. Thanks
In 2018, Jerry acquired an interest in a partnership in which he is not a material participant. The partnership was profitable until 2019. Jerry's basis in the partnership interest at the beginning of 2019 was $55,000. In 2019, his share of the partnership loss was $40,000. In 2020, his share of the partnership income was $18,000. Required: How much can Jerry deduct in 2019 and 2020? (Leave no cells blank - be certain to enter "O" wherever required.) Answer is complete but not entirely correct. 2020 18,000 Deductible losses Losses suspended during the year Basis in partnership $ $ 2019 40,000 $ 40,000 $ 15,000 0 $ 33,000Step by Step Solution
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