Ma3.Akiva is a limited partner in the XYZ Partnership. His allocable share of XYZ's passive ordinary losses from a nonrealty activity for the current year is ($60,000). Akiva has a $40,000 adjusted basis (outside basis) for his interest in XXYZ (before deduction of any of the passive losses). His amount "at risk" is $30,000 (before deduction of any of the passive losses). He also has $25,000 of passive income from other sources. He has no business losses for the year from other sources. How much of his ($60,000) allocable XYZ loss can Akiva deduct on his current-year tax return? a) $25,000 b) $30,000 c) $40,000 d) $60,000 wwwwwAkiva is a limited partner in the XYZ Partnership. His allocable share of XYZ's passive ordinary losses froma nonrealty activity for the current year is ($60,000). Akiva has a $40,000 adjusted basis (outside basis)for his interest in XXYZ (before deduction of any of the passive losses). His amount "at risk" is $30,000(before deduction of any of the passive losses). He also has $25,000 of passive income from othersources. He has no business losses for the year from other sources. How much of his ($60,000) allocableXYZ loss can Akiva deduct on his current-year tax return?a) $25,000b) $30,000c) $40,000d) $60,000Fut

Akiva is limited partner in XYZ Partnership. His allocable share of XYZ's ordinary losses from non…

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FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

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Ma3.

Akiva is a limited partner in the XYZ Partnership. His allocable share of XYZ's passive ordinary losses from a nonrealty activity for the current year is ($60,000). Akiva has a $40,000 adjusted basis (outside basis) for his interest in XXYZ (before deduction of any of the passive losses). His amount "at risk" is $30,000 (before deduction of any of the passive losses). He also has $25,000 of passive income from other sources. He has no business losses for the year from other sources. How much of his ($60,000) allocable XYZ loss can Akiva deduct on his current-year tax return?

a) $25,000

b) $30,000

c) $40,000

d) $60,000

wwwww
Akiva is a limited partner in the XYZ Partnership. His allocable share of XYZ's passive ordinary losses from
a nonrealty activity for the current year is ($60,000). Akiva has a $40,000 adjusted basis (outside basis)
for his interest in XXYZ (before deduction of any of the passive losses). His amount "at risk" is $30,000
(before deduction of any of the passive losses). He also has $25,000 of passive income from other
sources. He has no business losses for the year from other sources. How much of his ($60,000) allocable
XYZ loss can Akiva deduct on his current-year tax return?
a) $25,000
b) $30,000
c) $40,000
d) $60,000
Fut

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