At January 1, 2021, Jody's basis in her partnership interest was $20,000. Her share of partnership items for the year is as follows: a guaranteed payment of $70,000, a long-term capital gain of $5,000, and an ordinary partnership loss of $20,000. She received a distribution from the partnership of $15,000 during the year. Assuming she materially participates in the partnership, which item set below would she report on her personal US income tax return for 2021? Long-term capital gain of $5,000, a nontaxable distribution of $15,000, an ordinary loss of $20,000, and a guaranteed payment of $70,000. Long-term capital gain of $5,000, a nontaxable distribution of $15,000, an ordinary loss of $10,000, a guaranteed payment of $70,000, and has a suspended loss of $10,000 Long-term capital gain of $5,000, a nontaxable distribution of $15,000, an ordinary loss of $0, a guaranteed payment of $70,000, and has a suspended loss of $20,000. none of the above
At January 1, 2021, Jody's basis in her partnership interest was $20,000. Her share of partnership items for the year is as follows: a guaranteed payment of $70,000, a long-term capital gain of $5,000, and an ordinary partnership loss of $20,000. She received a distribution from the partnership of $15,000 during the year. Assuming she materially participates in the partnership, which item set below would she report on her personal US income tax return for 2021? Long-term capital gain of $5,000, a nontaxable distribution of $15,000, an ordinary loss of $20,000, and a guaranteed payment of $70,000. Long-term capital gain of $5,000, a nontaxable distribution of $15,000, an ordinary loss of $10,000, a guaranteed payment of $70,000, and has a suspended loss of $10,000 Long-term capital gain of $5,000, a nontaxable distribution of $15,000, an ordinary loss of $0, a guaranteed payment of $70,000, and has a suspended loss of $20,000. none of the above
Chapter20: Corporations And Parterships
Section: Chapter Questions
Problem 57P
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This answer is wrong . please give me the right answer.
Transcribed Image Text:At January 1, 2021, Jody's basis in her partnership interest was $20,000. Her share of partnership items for the year is as follows: a
guaranteed payment of $70,000, a long-term capital gain of $5,000, and an ordinary partnership loss of $20,000. She received a
distribution from the partnership of $15,000 during the year. Assuming she materially participates in the partnership, which item set
below would she report on her personal US income tax return for 2021?
Long-term capital gain of $5,000, a nontaxable distribution of $15,000, an ordinary loss of $20,000, and a guaranteed payment of
$70,000.
Long-term capital gain of $5,000, a nontaxable distribution of $15,000, an ordinary loss of $10,000, a guaranteed payment of
$70,000, and has a suspended loss of $10,000
Long-term capital gain of $5,000, a nontaxable distribution of $15,000, an ordinary loss of $0, a guaranteed payment of $70,000,
and has a suspended loss of $20,000.
none of the above
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