Question: PLEASE ANSWER AS PER THE TABLE GIVEN 9 W This year. individual X and individual Y formed XY Partnership. X contributed $50.000 cash, and Y

PLEASE ANSWER AS PER THE TABLE GIVEN

9 "W" This year. individual X and individual Y formed XY Partnership. X contributed $50.000 cash, and Y contributed business assets with a $50,000 FMV. Y's adjusted basis in these assets was only $10,000. The partnership agreement provides that income and loss will be divided equally between the two partners. Partnership 10 operations for the year generated a $42,000 loss. points Required: How much loss may each partner deduct currently, and what basis will each partner have in her interest at the beginning of next year? Assume the excess business loss limitation does not apply to either X or Y. (Losses and deductions should be entered as negative numbers.) 9 Answer Is complete but not entirely correct. Initial basis in partnership interest 55 50.000 0 $ 10.000 0 Deduction for share of partnership loss (21,000) a (21.000) 9 Adjusted basis at beginning of next year $ 29,000 $ (11,000)

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