! Required information [The following information applies to the questions displayed below.] Rubio recently invested $26,500 (tax basis) in purchasing a limited partnership interest in which he will have no management rights in the company. His at-risk amount is $19,550. In addition, Rubio's share of the limited partnership loss for the year is $30,450, his share of income from a different limited partnership is $5,975, and he has $46,500 in wage income and $13,250 in long-term capital gains. c. How much of Rubio's $30,450 loss from the limited partnership can he deduct in the current year considering all limitations? Deductible loss

! Required information [The following information applies to the questions displayed below.] Rubio recently invested $26,500 (tax basis) in purchasing a limited partnership interest in which he will have no management rights in the company. His at-risk amount is $19,550. In addition, Rubio's share of the limited partnership loss for the year is $30,450, his share of income from a different limited partnership is $5,975, and he has $46,500 in wage income and $13,250 in long-term capital gains. c. How much of Rubio's $30,450 loss from the limited partnership can he deduct in the current year considering all limitations? Deductible loss

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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15. Kuya Kim Atienza, a partner in the KAPA partnership, has a 30% participation in the partnership profits and losses. Kim Atienza’s capital account has a net decrease of P45,000 during the calendar year 2020. During 2020, Kim Atienza withdraws P100,000 (charged against his capital account) and contributed property valued at P25,000 to the partnership. What was the net profit of the KAPA partnership for the year 2020? 16. On March 1. 2021, Rafael M. Lopez formed a partnership with Conrado T. Valix and made the contributions:Cash …………………………………P 350,000Equipment…………………………. 100,000At the end of the year, Lopez received a share of P54,000 on the P120,000 profits. What should be the share of Valix on the partnership profits? Kindly show your solution on each problem. Thank you.
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