Mr. Pugh has a $7,900 adjusted basis in his limited interest in PKO Partnership. He also has
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Mr. Pugh has a $7,900 adjusted basis in his limited interest in PKO Partnership. He also has $22,000 suspended passive activity losses from PKO. Mr. Pugh recently sent a letter to PKO’s corporate general partner formally abandoning his equity in the partnership.
Identify the tax issue or issues suggested by the following situations and state each issue in the form of a question.
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Related Book For 
Principles Of Taxation For Business And Investment Planning 2019 Edition
ISBN: 9781260161472
22nd Edition
Authors: Sally Jones, Shelley C. Rhoades Catanach, Sandra R Callaghan
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