Business, 13.12.2019 20:31 dbrwnn

Alfonso began the year with a tax basis in his partnership interest of $29,000. his share of partnership debt at the beginning and end of the year consists of $3,000 of recourse debt and $6,000 of nonrecourse debt. during the year, he was allocated $49,000 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. how much of alfonso’s loss is limited by his at-risk amount?
c. how much of alfonso’s loss is limited by the passive activity loss rules?

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Alfonso began the year with a tax basis in his partnership interest of $29,000. his share of partner...

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