1. A partnership realized an ordinary loss of $18,000 in its calendar year 20X9. John and Paul were equal partners until June 30, when Paul sold his entire interest to Ringo for $1,000. On September 30, George was admitted as an equal one-third partner. All partners actively participate in the partnership business. Partnership liabilities were $3,000 on June 30, $2,000 on September 30, and $1,500 on December 31. 
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3. What is Ringo's share of the loss and how much can he deduct in 20X9?

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Step 11 It sounds like you are asking about how to calculate Ringos share of the partnership loss an... View the full answer