On 1/1/2018, A and B as equal partners form partnership AB. Both A and B, as well
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On 1/1/2018, A and B as equal partners form partnership AB. Both A and B, as well as partnership AB, are calendar year taxpayers. On 1/1/2018, A and B each contributes $10,000 from personal assets to AB. On 8/1/2018, AB borrows $5,000 from a bank with A and B each assuming personal liability. On 12/1/2018, AB reduces the amount outstanding on the loan to $4,000. AB has neither loss nor income for 2018.
Compute A's amount at risk (AAR) as of 12/31/2018.
Related Book For
Income Tax Fundamentals 2013
ISBN: 9781285586618
31st Edition
Authors: Gerald E. Whittenburg, Martha Altus Buller, Steven L Gill
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