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W 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
W 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 |
Interest income | 2,000 | 0 | 0 |
What is her total carryforward under Code Sec. 469? How much is attributable to partnership A?
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