Question
T owns limited partnership interests in three partnerships. She is not a professional real estate developer. The Schedule K-1s received from the partnerships for last
T owns limited partnership interests in three partnerships. She is not a professional real estate developer. The Schedule K-1s received from the partnerships for last year reported the following:
| Partnership A | Partnership B | Partnership C | |
| Share of liabilities: | |||
| Nonrecourse | $30,000 | 0 | 5,000 |
| Qualified nonrecourse financing | 0 | 10,000 | 0 |
| Recourse | 0 | 0 | 5,000 |
| Ending capital account (tax basis) | 20,000 | 15,000 | 5,000 |
| Ordinary business income (loss) | (30,000) | 5,000 | 0 |
| Net rental real estate income (loss) | 0 | 0 | (20,000) |
| Net Section 1231 gain (loss) | 0 | 7,000 | 0 |
Determine T’s carryforward under Code Sec. 465.
Step by Step Solution
There are 3 Steps involved in it
Step: 1
To determine Ts carryforward under Code Sec 465 we need to calculate the atrisk amount for each part...
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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
