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The Beale Gardens Partnership has four general partners. Each partner's Schedule K-1 for the tax year showed a $36,000 loss and an increase in liabilities

  1. The Beale Gardens Partnership has four general partners. Each partner's Schedule K-1 for the tax year showed a $36,000 loss and an increase in liabilities of $10,000. Which partner will have their loss limited by the basis limitation? 

  2. Christine. Her beginning basis was $10,000, and she contributed $18,000 in cash during the tax year. Edith. Her beginning basis was $36,000, and she took an $11,000 cash distribution during the tax year. Jacqueline. Her beginning basis was $25,000, and she contributed $2,000 in cash during the tax year. 

  3. Joseph. His beginning basis was $50,000, and he took a $20,000 cash distribution during the tax year.

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