In 2013, Fred invested $50,000 in a general partnership. Freds interest is not considered to be a

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In 2013, Fred invested $50,000 in a general partnership. Fred’s interest is not considered to be a passive activity. If his share of the partnership losses is $35,000 in 2013 and $25,000 in 2014, how much can he deduct in each year?
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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South Western Federal Taxation 2015 Essentials Of Taxation Individuals And Business Entities

ISBN: 9781285438290

18th Edition

Authors: James Smith, William Raabe, David Maloney, James Young

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