Question

Rubio recently invested $20,000 (tax basis) in purchasing a limited partnership interest. His at-risk amount is...

Rubio recently invested $20,000 (tax basis) in purchasing a limited partnership interest. His at-risk amount is $15,000. In addition, Rubio’s share of the limited partnership loss for the year is $22,000, his share of income from a different limited partnership is $5,000, and he has $40,000 in wage income and $10,000 in long-term capital gains.

  • How much of Rubio’s $22,000 loss is allowed considering only the tax-basis loss limitations?

  • How much of the loss from part (a) is allowed under the at-risk limitations?

  • How much of Rubio’s $22,000 loss from the limited partnership can he deduct in the current year considering all limitations?

Business   Accounting   
0 0
Add a commentTranscribed image text
Next >

Homework Answers

Answer #1

Hi

Let me know in case you face any issue:

0 0
Know the answer?
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Log In

Sign Up

Not the answer you're looking for?
Ask your own homework help question
Similar Questions
Rubio recently invested $20,000 (tax basis) in purchasing a limited partnership interest. His at-risk amount is...
Rubio recently invested $20,000 (tax basis) in purchasing a limited partnership interest. His at-risk amount is $15,000. In addition, Rubio’s share of the limited partnership loss for the year is $22,000, his share of income from a different limited partnership is $5,000, and he has $40,000 in wage income and $10,000 in long-term capital gains. a. How much of Rubio’s $22,000 loss is allowed considering only the tax-basis loss limitations? b. How much of the loss from part (a) is...
Rubio recently invested $31,500 (tax basis) in purchasing a limited partnership interest. His at-risk amount is...
Rubio recently invested $31,500 (tax basis) in purchasing a limited partnership interest. His at-risk amount is $23,050. In addition, Rubio’s share of the limited partnership loss for the year is $36,950, his share of income from a different limited partnership is $6,725, and he has $51,500 in wage income and $15,750 in long-term capital gains. a) How much of Rubio’s $36,950 loss is allowed considering only the tax-basis loss limitations? b) How much of the loss from part (a) is...
1. Rubio recently invested $20,000 (tax basis) in purchasing a limited partnership interest. His at-risk amount...
1. Rubio recently invested $20,000 (tax basis) in purchasing a limited partnership interest. His at-risk amount is $15,000. In addition, Rubio’s share of the limited partnership loss for the year is $22,000, his share of income from a different limited partnership was $6,000, and he had $40,000 in wage income and $10,000 in long-term capital gains. How much of Rubio’s $22,000 loss from the limited partnership can he deduct in the current year considering all limitations? 2. Anwar owns a...
Eduardo recently invested $20,000 (tax basis) in purchasing a limited partnership interest. His at-risk amount is...
Eduardo recently invested $20,000 (tax basis) in purchasing a limited partnership interest. His at-risk amount is $15,000. In addition, Eduardo’s share of the limited partnership loss for the year is $22,000, his share of income from a different limited partnership was $5,000, and he had $40,000 in wage income and $10,000 in long-term capital gains. a. How much of Eduardo’s $22,000 loss can he deduct considering only the tax basis limitation? b. How much of the loss from part a....
Larry recently invested $31,000 (tax basis) in purchasing a limited partnership interest. His at-risk amount is...
Larry recently invested $31,000 (tax basis) in purchasing a limited partnership interest. His at-risk amount is also $31,000. In addition, Larry’s share of the limited partnership loss for the year is $2,550, his share of income from a different limited partnership is $1,220, and he has $4,100 of dividend income from the stock he owns. How much of Larry’s $2,550 loss from the limited partnership can he deduct in the current year? Deductible loss?
20. Larry recently invested $28,500 (tax basis) in purchasing a limited partnership interest. His at-risk amount...
20. Larry recently invested $28,500 (tax basis) in purchasing a limited partnership interest. His at-risk amount is also $28,500. In addition, Larry’s share of the limited partnership loss for the year is $2,425, his share of income from a different limited partnership is $1,170, and he has $3,850 of dividend income from the stock he owns. How much of Larry’s $2,425 loss from the limited partnership can he deduct in the current year?
Larry recently invested $24,844 (tax basis) in purchasing a limited partnership interest in which he will...
Larry recently invested $24,844 (tax basis) in purchasing a limited partnership interest in which he will have no management rights in the company. His at-risk amount is also $24,844. In addition, Larry’s share of the limited partnership loss for the year is $4,997, his share of income from a different limited partnership was $5,384, and he has $7,904 of dividend income from the stock he owns. What is the amount of adjusted gross income these transactions will generate?
Alfonso began the year with a tax basis in his partnership interest of $30,000. His share...
Alfonso began the year with a tax basis in his partnership interest of $30,000. His share of partnership debt at the beginning and end of the year consists of $4,000 of recourse debt and $6,000 of nonrecourse debt. During the year, he was allocated $40,000 of partnership ordinary business loss. Alfonso does not materially participate in this partnership and he has $1,000 of passive income from other sources. a. How much of Alfonso’s loss limited by his tax basis? b....
George is a limited partner in the GLH Partnership. His outside basis is $40,000 before considering...
George is a limited partner in the GLH Partnership. His outside basis is $40,000 before considering the current year items, and includes a $10,000 recourse debt share and a $20,000 nonrecourse debt share. The nonrecourse debt is qualified nonrecourse financing. GLH reported a $200,000 loss for the year, of which George’s 40% share is $80,000. George has passive activity income of $50,000 from another activity (not eligible for the special real estate deduction). How much of the $80,000 loss can...
Jay has a tax basis of $34,000 in his partnership interest at the beginning of the...
Jay has a tax basis of $34,000 in his partnership interest at the beginning of the partnership tax year. The following amounts of partnership debt were allocated to Jay and are included in his beginning-of-the-year tax basis: (1) recourse debt—$23,000, (2) qualified nonrecourse debt—$1,000, and (3) nonrecourse debt—$2,500. There were no changes to the debt allocated to Jay during the tax year. If Jay is allocated a $35,000 loss for the current year, how much of the loss will be...
ADVERTISEMENT
Need Online Homework Help?

Get Answers For Free
Most questions answered within 1 hours.

Ask a Question
ADVERTISEMENT