Refer to the facts in Problem 33 and assume that Triple-K allocated to Wilmah net income of

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Refer to the facts in Problem 33 and assume that Triple-K allocated to Wilmah net income of \(\$ 10,000\) from operations in 2018 . What amount does Wilmah have at risk as of January 1,2019 ? Would your answer be different if she also withdrew \(\$ 5,000\) ? Explain.

Problem 33

In 2018, Wilmah Lansing invested in the Triple-K Limited Partnership by paying \(\$ 15,000\) cash and signing a \(\$ 40,000\) nonrecourse note. She also pledged \(\$ 25,000\) worth of securities for a loan obtained by the partnership. Her basis in the securities was \(\$ 10,000\). What amount does Wilmah have at risk in Triple-K as of January 1, 2019, if the partnership broke even (no income or loss)?

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CCH Federal Taxation 2019 Comprehensive Topics

ISBN: 9780808049081

2019 Edition

Authors: Ephraim P. Smith, Philip J. Harmelink, James R. Hasselback

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