Nareh began the year with a tax basis of $49,000 in her partnership interest. Her share of partnership liabilities consists of $4,000 of recourse liabilities and $14,000 of nonrecourse liabilities at the beginning of the year and $4,000 of recourse liabilities and $16,000 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 $8,000 of passive income from other sources. . How much of Nareh's loss is limited by her tax basis? Loss limited by her tax basis
Nareh began the year with a tax basis of $49,000 in her partnership interest. Her share of partnership liabilities consists of $4,000 of recourse liabilities and $14,000 of nonrecourse liabilities at the beginning of the year and $4,000 of recourse liabilities and $16,000 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 $8,000 of passive income from other sources. . How much of Nareh's loss is limited by her tax basis? Loss limited by her tax basis
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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