Kanga is a 10% partner in Roo, Ltd. His basis in the interest is $60,000 before loss
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Kanga is a 10% partner in Roo, Ltd. His basis in the interest is $60,000 before loss allocations, including his $30,000 share of the partnership's nonrecourse debt (it is not qualified nonrecourse financing). He also is a 10% limited partner in IHOP, in which his basis is $30,000. Kanga is allocated an $80,000 loss from Roo and $20,000 of income from IHOP.
How much of the Roo loss may Kanga deduct?
DEDUCTIBLE ..........SUSPENDED
LOSS..................................LOSS
Under what Code provisions are the remaining losses suspended?
Related Book For
Fundamentals of Financial Management
ISBN: 978-0324664553
Concise 6th Edition
Authors: Eugene F. Brigham, Joel F. Houston
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