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Fran and Robert own 40% and 60%, respectively, of the RF Partnership. Fran is the general partner and Robert is a limited partner. Fran works full-time in the business. Robert is basically an investor in the firm and works full-time at another job. He has no other income except his salary from his employer. During the current year, the partnership reports the following gain and loss:
Ordinary loss $140,000
Long-term capital gain $20,000
Before including the current year's gain and loss, Fran and Robert had $46,000 and $75,000 bases for their partnership interests, respectively. The partnership has no nonrecouse liabilities. Tom has no further obligation to make any additional investment in the partnership.
Required:
What gain or loss should each partner report on his or her individual tax return?
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Fran and Robert own 40% and 60%, respectively, of the RF Partnership. Fran is the general partner an...
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