67. Vernon is a limited partner in the Bow and Arrow Partnership, a nonrealty related business. Vernon's basis at December 31, 2013 for hispartnership interest, after considering all items except for the partnership's loss, is $60,000. Vernon's share of the partnership's ordinary passive loss is ($80,000). His at-risk amount under Sec. 465 is $45,000, and he has passive income from other activities of $25,000.How much of the partnership's losses can Vernon deduct on his 2013 tax return?a. $80,000b. $60,000c. $45,000*d. $25,000e. $068. At January 1, 2013, Jody's basis in her partnership interest was $25,000. Her share of partnership items for the year is as follows: dividend income of $6,000 and an ordinary loss of $48,000. She received
a distribution from the partnership of $15,000 during the year. She must report the following related to these transactions.69. Which of the following partnership items is not required to be separately stated?*a. Real estate taxes.b. Charitable contributions.c. Section 179 expense.d. Interest income.e. All of the above must be separately stated.70. Ben and Jerry are co-owners of an apartment building which they lease to tenants. Ben and Jerry perform no services other than incidental repairs.71. Bob Barker contributed a building with an adjusted basis to Bob of $50,000 and a fair market value of $150,000 subject to a mortgage of $120,000 in exchange for a 30 percent interest in the Alpha Partnership. Alpha will assume the mortgage on the building. What is Alpha's basis in the building?
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- Spring '10
- Limited partnership, partner