The adjusted cost base of C's limited partnership interest was $50,000 on January 1 of the current year. The partnership allocated $36,000 of profit to C in the current year. The allocated profit consisted of $30,000 business income and $6.000 capital gains. In the previous year the partnership loaned $20.000 to C This loan remains outstanding at the end of the current year Determine C's at-risk amount at the end of the current year. 24

The adjusted cost base of C's limited partnership interest was $50,000 on January 1 of the current year. The partnership allocated $36,000 of profit to C in the current year. The allocated profit consisted of $30,000 business income and $6.000 capital gains. In the previous year the partnership loaned $20.000 to C This loan remains outstanding at the end of the current year Determine C's at-risk amount at the end of the current year. 24

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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