In2016, Andrew contributed 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 O...

Initial Atrisk 20000 Interest 5 ...

In2016, Andrew contributed equipment with an adjusted basis of $20,000 and a FMV of $18,000 to Construction

Question:

In2016, Andrew contributed equipment with an adjusted basis of $20,000 and a FMV of $18,000 to Construction Limited (CLP) in return for a 3% limited interest. Andrew's share of CLP income and losses for the year were as follows:
Interest ............................$ 500
Dividends...........................300
Capital gains........................900
Ordinary loss..................(4,325)
CLP had no liabilities. What are Andrew's initial basis, allowed losses, and ending at-risk amount?
Partnership
A legal form of business operation between two or more individuals who share management and profits. A Written agreement between two or more individuals who join as partners to form and carry on a for-profit business. Among other things, it states...