Dumbledore acquired a passive partnership activity in January of 2015. His at-risk basis at the beginning...

 

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Dumbledore acquired a passive partnership activity in January of 2015. His at-risk basis at the beginning of 2020 was $45,000. Dumbledore also owns a rental property that generated income of $21,000 in 2020 and $18,000 in 2021. Dumbledore's share of income and loss from the partnership activity is: 2020 2021 Complete the following tables. <$92,000> 29,000 FOR 2020 Adjusted basis at 1/1/20 Deductible under at-risk provisions Adjusted basis at 12/31/20 Suspended under at-risk provisions Deductible under passive loss provisions Suspended under passive loss provisions FOR 2021 Adjusted basis at 1/1/21 Deductible under at-risk provisions Adjusted basis at 12/31/21 Suspended under at-risk provisions Deductible under passive loss provisions Suspended under passive loss provisions Dumbledore acquired a passive partnership activity in January of 2015. His at-risk basis at the beginning of 2020 was $45,000. Dumbledore also owns a rental property that generated income of $21,000 in 2020 and $18,000 in 2021. Dumbledore's share of income and loss from the partnership activity is: 2020 2021 Complete the following tables. <$92,000> 29,000 FOR 2020 Adjusted basis at 1/1/20 Deductible under at-risk provisions Adjusted basis at 12/31/20 Suspended under at-risk provisions Deductible under passive loss provisions Suspended under passive loss provisions FOR 2021 Adjusted basis at 1/1/21 Deductible under at-risk provisions Adjusted basis at 12/31/21 Suspended under at-risk provisions Deductible under passive loss provisions Suspended under passive loss provisions

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For 2020 Adjusted basis at 1120 45000 Deductible under atrisk provisions 21000 Adjusted basis at 123... View the full answer