Larry recently invested $29,500 (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 $29,500. In addition, Larry’s share of the limited partnership loss for the year is $2,475, his share of income from a different limited partnership is $1,190, and he has $3,950 of dividend income from the stock he owns. How much of Larry’s $2,475 loss from the limited partnership can he deduct in the current year? Deductible loss?
Larry recently invested $29,500 (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 $29,500. In addition, Larry’s share of the limited partnership loss for the year is $2,475, his share of income from a different limited partnership is $1,190, and he has $3,950 of dividend income from the stock he owns. How much of Larry’s $2,475 loss from the limited partnership can he deduct in the current year? Deductible loss?
Chapter11: Invest Or Losses
Section: Chapter Questions
Problem 43P
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Larry recently invested $29,500 (tax basis) in purchasing a limited
Deductible loss?
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