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. 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).]§1231 lossesShort-term capital losses

To determine the carryover amounts and their character for Juan Diego's $1231 losses and short-term…

Answered: Juan Diego began the year with a tax…

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

See similar textbooks

Similar questions

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.
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?
Provide table
Please do not give solution in image format ?
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

SEE MORE QUESTIONS

Recommended textbooks for you

SWFT Essntl Tax Individ/Bus Entities 2020

Accounting

ISBN:

9780357391266

Author:

Nellen

Publisher:

Cengage

SWFT Comprehensive Vol 2020

Accounting

ISBN:

9780357391723

Author:

Maloney

Publisher:

Cengage

SWFT Individual Income Taxes

Accounting

ISBN:

9780357391365

Author:

YOUNG

Publisher:

Cengage

SWFT Essntl Tax Individ/Bus Entities 2020

Accounting

ISBN:

9780357391266

Author:

Nellen

Publisher:

Cengage

SWFT Comprehensive Vol 2020

Accounting

ISBN:

9780357391723

Author:

Maloney

Publisher:

Cengage

SWFT Individual Income Taxes

Accounting

ISBN:

9780357391365

Author:

YOUNG

Publisher:

Cengage

SWFT Comprehensive Volume 2019

Accounting

ISBN:

9780357233306

Author:

Maloney

Publisher:

Cengage

Individual Income Taxes

Accounting

ISBN:

9780357109731

Author:

Hoffman

Publisher:

CENGAGE LEARNING - CONSIGNMENT

SWFT Corp Partner Estates Trusts

Accounting

ISBN:

9780357161548

Author:

Raabe

Publisher:

Cengage

SEE MORE TEXTBOOKS