Meg is a limited partner in a partnership that is a passive activity for her. On 1/1/2021,
Fantastic news! We've Found the answer you've been seeking!
Question:
Meg is a limited partner in a partnership that is a passive activity for her. On 1/1/2021, Meg's adjusted basis for her partnership interest is $50,000, and her at-risk amount is $45,000. Her share of losses from the partnership for 2020 is $60,000, all of which is passive. Meg has no other trade or business activities that resulted in a loss in 2021.She has one other passive-income producing investment that produced $25,000 of passive income during 2021?
Required:
How much of Meg's share of partnership loss is deductible and how much and at what level (basis, at-risk amount, and passive activity losses) are Meg's carryovers to next year?
Related Book For
Federal Taxation 2016 Comprehensive
ISBN: 9780134104379
29th Edition
Authors: Thomas R. Pope, Timothy J. Rupert, Kenneth E. Anderson
Posted Date: