During 2021, ABC Partnership had non-separately stated loss (ordinary operating loss) of $(80,000), a long-term capital gain of $20,000. In 2021, they refinanced the $200,000 mortgage and now have a total of $250,000 of qualified non-recourse debt. Tom is 50% partner and his outside basis at the beginning od the year is 100,000. Tom actively works in the business. What items of income will Tom report on his 1040 return? What is Tom's outside basis in his partnership interest at the end of 2021?
During 2021, ABC Partnership had non-separately stated loss (ordinary operating loss) of $(80,000), a long-term capital gain of $20,000. In 2021, they refinanced the $200,000 mortgage and now have a total of $250,000 of qualified non-recourse debt. Tom is 50% partner and his outside basis at the beginning od the year is 100,000. Tom actively works in the business. What items of income will Tom report on his 1040 return? What is Tom's outside basis in his partnership interest at the end of 2021?
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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During 2021, ABC Partnership had non-separately stated loss (ordinary operating loss) of $(80,000), a long-term capital gain of $20,000. In 2021, they refinanced the $200,000 mortgage and now have a total of $250,000 of qualified non-recourse debt. Tom is 50% partner and his outside basis at the beginning od the year is 100,000. Tom actively works in the business.
What items of income will Tom report on his 1040 return? What is Tom's outside basis in his partnership interest at the end of 2021?
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