a. What items related to these allocations does Juan Diego actually report on his tax return for the year? [Hint. See Regulations §1.704-1(d)(2) and Revenue Rule 66-94.]$1231 lossesShort-term capital lossesAmountDeductedCurrently Juan Diego began the year with a tax basis in his partnership interest of $51,400. During the year, he was allocated$20,560 of partnership ordinary business income, $71,960 of $1231 losses, and $30,840 of short-term capital losses andreceived a cash distribution of $51,400.Note: Do not round intermediate calculations.

§1231 Losses Deduction:Thus, the entire amount of $71,960 is deductible as an ordinary loss, since…

Answered: a. What items related to these…

Income Tax Fundamentals 2020

38th Edition

ISBN:9780357391129

Author:WHITTENBURG

Publisher:WHITTENBURG

Chapter10: Partnership Taxation

Section: Chapter Questions

Problem 14MCQ

See similar textbooks

Similar questions

Juan Diego began the year with a tax basis in his partnership interest of $53,800. During the year, he was allocated $21, 520 of partnership ordinary business income, $75, 320 of §1231 losses, and $32, 280 of short- term capital losses and received a cash distribution of $53, 800. Note: Do not round intermediate calculations. Problem 20 - 75 Part b (Algo) b. If any deductions or losses are limited, what are the carryover amounts, and what is their character? [Hint: See Regulations §1.704 - 1(d).]
Juan Diego began the year with a tax basis in his partnership interest of $53,000. During the year, he was allocated $21,200 of partnership ordinary business income, $74,200 of §1231 losses, and $31,800 of short-term capital losses and received a cash distribution of $53,000. b. If any deductions or losses are limited, what are the carryover amounts, and what is their character?
Provide table
Please do not give solution in image format ?
Urmilaben
Mustafa's tax basis in his partnership interest at the beginning of the year was $29,000. If his share of the partnership liabilities increased by $12,500 during the year and his share of partnership income for the year is $5,800, what is his tax basis in his partnership interest at the end of the year? = Tax basis
Haresh
Ma3. Partner's tax basis in his partnership interest at the beginning of the year was $10,000. For the year, Partner's share of the partnership liabilities increased by $1.000. Also for the year, Partner was allocated $2,000 in ordinary business income, $500 of interest income, and $1,000 of tax-exempt income Finally, Partner received cash distributions of $3,000 during the year. Determine Partner's tax basis in his partnership interest at the end of the year. Type your answer
Nareh began the year with a tax basis of $44,000 in her partnership interest. Her share of partnership liabilities consists of $7,000 of recourse liabilities and $11,000 of nonrecourse liabilities at the beginning of the year and $7,000 of recourse liabilities and $13,000 of nonrecourse liabilities at the end of the year. During the year, she was allocated $62,000 of partnership ordinary business loss. Nareh does not materially participate in this partnership, and she has $4,000 of passive income from other sources. b. How much of Nareh's loss is limited by her at-risk amount? Loss limited by her at-risk amount
Nareh began the year with a tax basis of $44,000 in her partnership interest. Her share of partnership liabilities consists of $7,000 of recourse liabilities and $11,000 of nonrecourse liabilities at the beginning of the year and $7,000 of recourse liabilities and $13,000 of nonrecourse liabilities at the end of the year. During the year, she was allocated $62,000 of partnership ordinary business loss. Nareh does not materially participate in this partnership, and she has $4,000 of passive income from other sources. c. How much of Nareh's loss is limited by the passive activity loss rules? Loss limited by the passive activity loss rules
Nareh began the year with a tax basis of $20,000 in her partnership interest. Her share of partnership liabilities consists of $12,000 of recourse liabilities and $12,000 of nonrecourse liabilities at the beginning of the year and $12,000 of recourse liabilities and $16,000 of nonrecourse liabilities at the end of the year. During the year, she was allocated $32,000 of partnership ordinary business loss. Nareh does not materially participate in this partnership, and she has $6,000 of passive income from other sources. b. How much of Nareh's loss is limited by her at-risk amount?
Larry's tax basis in his partnership interest at the beginning of the year was $13,500. If his share of the partnership liabilities increased by $8,500 during the year and his share of partnership income for the year is $1,500, what is his tax basis in his partnership interest at the end of the year? Tax basis

SEE MORE QUESTIONS

Recommended textbooks for you

Income Tax Fundamentals 2020

Accounting

ISBN:

9780357391129

Author:

WHITTENBURG

Publisher:

Cengage

SWFT Comprehensive Vol 2020

Accounting

ISBN:

9780357391723

Author:

Maloney

Publisher:

Cengage

SWFT Essntl Tax Individ/Bus Entities 2020

Accounting

ISBN:

9780357391266

Author:

Nellen

Publisher:

Cengage

Income Tax Fundamentals 2020

Accounting

ISBN:

9780357391129

Author:

WHITTENBURG

Publisher:

Cengage

SWFT Comprehensive Vol 2020

Accounting

ISBN:

9780357391723

Author:

Maloney

Publisher:

Cengage

SWFT Essntl Tax Individ/Bus Entities 2020

Accounting

ISBN:

9780357391266

Author:

Nellen

Publisher:

Cengage

SWFT Comprehensive Volume 2019

Accounting

ISBN:

9780357233306

Author:

Maloney

Publisher:

Cengage

SWFT Individual Income Taxes

Accounting

ISBN:

9780357391365

Author:

YOUNG

Publisher:

Cengage

SWFT Corp Partner Estates Trusts

Accounting

ISBN:

9780357161548

Author:

Raabe

Publisher:

Cengage

SEE MORE TEXTBOOKS