Luis, Gabi, and Katherine form a partnership. Luis and Gabi give equipment and a building, respectively. Katherine agrees to perform all of the accounting and office work in exchange for a 10% interest.   FMV Basis Partnership % Luis’s equipment $ 66,000 $ 11,000 45% Gabi’s building $ 66,000 $ 44,000 45% Katherine’s services $ 0 $ 0 10% Required:

This year Sheila's income from her partnership is $225.000 Sheila's business deductions from the partnership total $440,000. Sheila also earns $170,000 of W-2 income and has $65,000 of investment income What is the amount of the excess business loss that is carried forward as a NOL? A.$0 B. $150.000 C. $200.000 D. $216.000

Problem 14-50 (LO 14-1, 14-4) Dennis, Suzy, and Katherine form a partnership. Dennis and Suzy give equipment and a building, respectively. Katherine agrees to perform all of the accounting and office work in exchange for a 10% interest. Dennis's equipment Suzy's building Katherine's services Required: FMV $ 100,000 $ 100,000 $ 0 Basis $ 10,000 $ 45,000 Partnership 45% 451 $ 0 10% a. What amount of gain, if any, do each of the partners recognize? b. What is the basis for each partner in his or her partnership interest? c. What is the basis to the partnership of each asset? Answer is complete but not entirely correct. Complete this question by entering your answers in the tabs below. Required a Required b Required c What amount of gain, if any, do each of the partners recognize? Partner Dennis Suzy Gain $ 10,000 $ 45,000 Katherine $ 20,000 Required a Required b>

Q1. Keith owns three partnership interests that are passive activities. He sells Partnership 3 and realizes a loss of $8,000. His income is: Form W-2 wages Schedule C proprietorship Partnership 1 Partnership 2 Partnership 2 loss carryforward Partnership 3 loss on sale What is Keith's total income? $30,000 20,000 5,000 (2,000) (3,000) (8,000)