Polly owns a 55% interest in Custom Wheels, a general partnership. Her outside basis at the beginning
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Polly owns a 55% interest in Custom Wheels, a general partnership. Her outside basis at the beginning of the tax year is $8400. She received current distributions during the year of $10000. Her share of the partnership current year loss is $16325 ($29682 partnership loss x 55% interest). What, if any, income does Polly recognize?
Related Book For
South Western Federal Taxation 2017 Comprehensive
ISBN: 9781305874169
40th Edition
Authors: William H. Hoffman, David M. Maloney, William A. Raabe, James C. Young
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