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Suzanne is a 40% general partner in Redrock Partnership. Suzanne's beginning basis is $18,000, and Redrock has the following tax items for the current year
Suzanne is a 40% general partner in Redrock Partnership. Suzanne's beginning basis is $18,000, and Redrock has the following tax items for the current year Ordinary business loss $42,000 Short-term capital gain $ 2,000 Dividend income $ 3,000 Suzanne received a distribution of $6,000 during the year. What is Suzanne's deductible loss and ending basis?
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Income Tax Fundamentals 2013
Authors: Gerald E. Whittenburg, Martha Altus Buller, Steven L Gill
31st Edition
1111972516, 978-1285586618, 1285586611, 978-1285613109, 978-1111972516
