Required information Problem 20-73 (LO 20-6) (Algo) [The following information applies to the questions displayed below.] Alfonso began the year with a tax basis in his partnership interest of $16,000. His share of partnership liabilities at the beginning and end of the year consists of $3,000 of recourse liabilities and $7,000 of nonrecourse liabilities. During the year, he was allocated $31,000 of partnership ordinary business loss. Alfonso does not materially participate in this partnership, and he has $2,000 of passive income from other sources. Problem 20-73 Part b (Algo) b. How much of Alfonso's loss is limited by his at-risk amount? Loss limited by his at-risk amount
Required information Problem 20-73 (LO 20-6) (Algo) [The following information applies to the questions displayed below.] Alfonso began the year with a tax basis in his partnership interest of $16,000. His share of partnership liabilities at the beginning and end of the year consists of $3,000 of recourse liabilities and $7,000 of nonrecourse liabilities. During the year, he was allocated $31,000 of partnership ordinary business loss. Alfonso does not materially participate in this partnership, and he has $2,000 of passive income from other sources. Problem 20-73 Part b (Algo) b. How much of Alfonso's loss is limited by his at-risk amount? Loss limited by his at-risk amount
Chapter11: Invest Or Losses
Section: Chapter Questions
Problem 49P
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ISBN:
9780357109731
Author:
Hoffman
Publisher:
CENGAGE LEARNING - CONSIGNMENT