Van makes an investment in a partnership in 2012. Van's capital contributions to the partnership consisted of
Question:
a. Calculate the amount that Van has at risk in the activity immediately after making the capital contributions. $_________
b. If Van's share of the loss from the partnership is $100,000 in 2012, and assuming that Van has sufficient amounts of passive income, how much of the loss may he deduct in 2012? $_________
c. What may be done with the nondeductible part of the loss in Part b?
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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...
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Related Book For
Income Tax Fundamentals 2013
ISBN: 9781285586618
31st Edition
Authors: Gerald E. Whittenburg, Martha Altus Buller, Steven L Gill
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