h As basis was 1000 Partnership makes a current distribution to A of land AB to

H as basis was 1000 partnership makes a current

This preview shows page 9 - 12 out of 19 pages.

h. A’s basis was $1,000. 60
Image of page 9
10 15. LOSSESTP's basis in a partnership during its first year is comprised solely of his $10,000 cash investment. There are no liabilities. He is a 25% partner and the partnership has a loss of $60,000. C. What happens to the loss that he was not allowed to deduct? Carryover $5,000 by TP, the partner
Image of page 10
Image of page 11
Image of page 12

You've reached the end of your free preview.

Want to read all 19 pages?

  • Fall '10
  • SULLIVAN
  • Limited partnership, Types of business entity, partner

  • Left Quote Icon

    Student Picture

  • Left Quote Icon

    Student Picture

  • Left Quote Icon

    Student Picture