Question

In year 2007, Andrew contributes equipment with an adjusted basis of $20,000 and a FMV of $18,000 to Construction Limited Partnership (CLP) in return for a 3% limited partnership interest. Andrew’s share of CLP income and losses for the year were as follows:
Interest ........ $ 500
Dividends ...... $ 300
Capital Gains ...... $ 900
Ordinary Loss ..... $(4,325)
CLP had no liabilities. What is Andrew’s initial basis, allowed losses, and ending at-risk amount?



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  • CreatedAugust 26, 2013
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