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Tim has a beginning basis of $20,000 in a limited partnership. During the year he took a 4,000 distribution while the business generated a loss,
Tim has a beginning basis of $20,000 in a limited partnership. During the year he took a 4,000 distribution while the business generated a loss, of which 18,000 is allocated to him. Additionally, on his previous tax return (last year) he had a suspended passive loss of $6,000. What is his disallowed loss at the basis/at-risk level? What is his new suspended passive loss
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Intermediate Accounting
Authors: Loren A Nikolai, D. Bazley and Jefferson P. Jones
10th Edition
324300980, 978-0324300987
