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

Definition Definition Arrangement between two or more people whereby they agree to manage business operations and share its profits and losses in an agreed ratio. The agreement drafted and signed by the partners of the firm is termed as a partnership deed and contains various important clauses agreed between the partners such as profit/loss sharing, interest on capital, remuneration allocation of each partner, and drawings of a partner.

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