a. What items related to these allocations does Juan Diego actually report on his tax return for the year? [Hint. See Regulations §1.704-1(d)(2) and Revenue Rule 66-94.]$1231 lossesShort-term capital lossesAmountDeductedCurrently Juan Diego began the year with a tax basis in his partnership interest of $51,400. During the year, he was allocated$20,560 of partnership ordinary business income, $71,960 of $1231 losses, and $30,840 of short-term capital losses andreceived a cash distribution of $51,400.Note: Do not round intermediate calculations.

§1231 Losses Deduction:Thus, the entire amount of $71,960 is deductible as an ordinary loss, since…

Answered: a. What items related to these…

SWFT Essntl Tax Individ/Bus Entities 2020

23rd Edition

ISBN:9780357391266

Author:Nellen

Publisher:Nellen

Chapter14: Partnerships And Limited Liability Entities

Section: Chapter Questions

Problem 2BCRQ

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Juan Diego began the year with a tax basis in his partnership interest of $53,800. During the year, he was allocated $21,520 of partnership ordinary business income, $75,320 of §1231 losses, and $32,280 of short-term capital losses and received a cash distribution of $53,800. Note: Do not round intermediate calculations. a. What items related to these allocations does Juan Diego actually report on his tax return for the year? [Hint: See Regulations §1.704-1(d)(2) and Revenue Rule 66-94.] b. If any deductions or losses are limited, what are the carryover amounts, and what is their character? [Hint: See Regulations §1.704-1(d).]
Juan Diego began the year with a tax basis in his partnership interest of $53,800. During the year, he was allocated $21, 520 of partnership ordinary business income, $75, 320 of §1231 losses, and $32, 280 of short- term capital losses and received a cash distribution of $53, 800. Note: Do not round intermediate calculations. Problem 20 - 75 Part b (Algo) b. If any deductions or losses are limited, what are the carryover amounts, and what is their character? [Hint: See Regulations §1.704 - 1(d).]
Juan Diego began the year with a tax basis in his partnership interest of $53,600. During the year, he was allocated $21,440 of partnership ordinary business income, $75,040 of §1231 losses, and $32,160 of short-term capital losses and received a cash distribution of $53,600. a. What items related to these allocations does Juan Diego actually report on his tax return for the year? [Hint: See Regulations §1.704-1(d)(2) and Revenue Rule 66-94.]
Juan Diego began the year with a tax basis in his partnership interest of $53,000. During the year, he was allocated $21,200 of partnership ordinary business income, $74,200 of §1231 losses, and $31,800 of short-term capital losses and received a cash distribution of $53,000. b. If any deductions or losses are limited, what are the carryover amounts, and what is their character?
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Urmilaben
Mustafa's tax basis in his partnership interest at the beginning of the year was $29,000. If his share of the partnership liabilities increased by $12,500 during the year and his share of partnership income for the year is $5,800, what is his tax basis in his partnership interest at the end of the year? = Tax basis
I need answers for questions b and c; a is a correct answer. Nareh began the year with a tax basis of $45,000 in her partnership interest. Her share of partnership liabilities consists of $6,000 of recourse liabilities and $10,000 of nonrecourse liabilities at the beginning of the year and $6,000 of recourse liabilities and $13,000 of nonrecourse liabilities at the end of the year. During the year, she was allocated $65,000 of partnership ordinary business loss. Nareh does not materially participate in this partnership, and she has $4,000 of passive income from other sources. a. How much of Nareh's loss is limited by her tax basis? 17000 b. How much of Nareh's loss is limited by her at-risk amount? c. How much of Nareh's loss is limited by the passive activity loss rules?
Haresh
Nareh began the year with a tax basis of $44,000 in her partnership interest. Her share of partnership liabilities consists of $7,000 of recourse liabilities and $11,000 of nonrecourse liabilities at the beginning of the year and $7,000 of recourse liabilities and $13,000 of nonrecourse liabilities at the end of the year. During the year, she was allocated $62,000 of partnership ordinary business loss. Nareh does not materially participate in this partnership, and she has $4,000 of passive income from other sources. c. How much of Nareh's loss is limited by the passive activity loss rules? Loss limited by the passive activity loss rules
Nareh began the year with a tax basis of $44,000 in her partnership interest. Her share of partnership liabilities consists of $7,000 of recourse liabilities and $11,000 of nonrecourse liabilities at the beginning of the year and $7,000 of recourse liabilities and $13,000 of nonrecourse liabilities at the end of the year. During the year, she was allocated $62,000 of partnership ordinary business loss. Nareh does not materially participate in this partnership, and she has $4,000 of passive income from other sources. b. How much of Nareh's loss is limited by her at-risk amount? Loss limited by her at-risk amount

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