The Beale Gardens Partnership has four general partners. Each partner's Schedule K-1 for the tax year showed
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Question:
- The Beale Gardens Partnership has four general partners. Each partner's Schedule K-1 for the tax year showed a $36,000 loss and an increase in liabilities of $10,000. Which partner will have their loss limited by the basis limitation?
- Christine. Her beginning basis was $10,000, and she contributed $18,000 in cash during the tax year. Edith. Her beginning basis was $36,000, and she took an $11,000 cash distribution during the tax year. Jacqueline. Her beginning basis was $25,000, and she contributed $2,000 in cash during the tax year.
- Joseph. His beginning basis was $50,000, and he took a $20,000 cash distribution during the tax year.
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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