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 follo Partnership A Share of $30,000 $0 $5,000 s0 $10,000 $0 - Qualified - Recourse s0 $o 5,000 Ending capital account (tax basis) $20,000 $15,000 $5,000 Ordinary business income (loss) ($30,000) $5,000 Net rental real estate income Closs) $0 $0 ($20,000) Net Section 1231 gain (loss) $0 $7,000 $0 Interest income $2,000 s0 $0 a. By how much will the partnership investments affect W's taxable income? b. Compute W's carryforward under Code Sec. 704(d). To which partnership(s) is this carryforward attributable? c. Determine W's carryforward under Code Sec. 465 d. What is her total carryforward under Code Sec. 469? How much is attributable to partnership A? 2. 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 B Share of iabilities: 30,000 5o $5,000 $0 $10,000 s0 . Qualified S0 s0 5,000 Recourse Ending capital account (tax basis) $20,000 15,000 $5,000 Ordinary business Income (loss) ($30,000) 5,000 s0 Net rental real estate income Closs) so $0 ($20,000) Net Section 1231 gain (loss) $0 $7,000 so Interest Income $2,000 so a By how much will the partnership investments affect W's taxable income b. Compute w's carryforward under Code Sec. 704(d). To which partnership(s) is this carryforward attributable? c. Determine W's carryforward under Code Sec. 465 d. What is her total carryforward under Code Sec. 4697 How much is attributable to partnership A? 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 follo Partnership A Share of $30,000 $0 $5,000 s0 $10,000 $0 - Qualified - Recourse s0 $o 5,000 Ending capital account (tax basis) $20,000 $15,000 $5,000 Ordinary business income (loss) ($30,000) $5,000 Net rental real estate income Closs) $0 $0 ($20,000) Net Section 1231 gain (loss) $0 $7,000 $0 Interest income $2,000 s0 $0 a. By how much will the partnership investments affect W's taxable income? b. Compute W's carryforward under Code Sec. 704(d). To which partnership(s) is this carryforward attributable? c. Determine W's carryforward under Code Sec. 465 d. What is her total carryforward under Code Sec. 469? How much is attributable to partnership A? 2. 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 B Share of iabilities: 30,000 5o $5,000 $0 $10,000 s0 . Qualified S0 s0 5,000 Recourse Ending capital account (tax basis) $20,000 15,000 $5,000 Ordinary business Income (loss) ($30,000) 5,000 s0 Net rental real estate income Closs) so $0 ($20,000) Net Section 1231 gain (loss) $0 $7,000 so Interest Income $2,000 so a By how much will the partnership investments affect W's taxable income b. Compute w's carryforward under Code Sec. 704(d). To which partnership(s) is this carryforward attributable? c. Determine W's carryforward under Code Sec. 465 d. What is her total carryforward under Code Sec. 4697 How much is attributable to partnership A
