36 In 2014, 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 Andrews share of CLP income and losses for the year were as follows Interest $500 Dividends 300 Capital gains 900 ...

Initial Atrisk 20000 Interest 500 Dividends 300 Capital ...

36. In 2014, Andrew contributed equipment with an adjusted basis of $20,000 and a FMV of $18,000...

Question:

36. In 2014, 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...