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 losses Short-term capital losses Amount Deducted Currently 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 and received a cash distribution of $51,400. 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.] $1231 losses Short-term capital losses Amount Deducted Currently 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 and received a cash distribution of $51,400. Note: Do not round intermediate calculations.
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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Question
![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 losses
Short-term capital losses
Amount
Deducted
Currently](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F5328c12f-e34a-4a1d-b440-4bff5d546c4c%2F319660af-3952-42c0-88fc-4cbb95403046%2F4tg7so_processed.png&w=3840&q=75)
Transcribed Image Text: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 losses
Short-term capital losses
Amount
Deducted
Currently
Transcribed Image Text: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 and
received a cash distribution of $51,400.
Note: Do not round intermediate calculations.
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