In the current year, Bill Parker is considering making an investment of $60,000 in Best Choice Partnership. The prospectus provided by Bill's financial planner indicates that the partnership investment is not a passive activity and that Bill's share of the entity's loss in the current year will likely be $40,000, while his share of the partnership loss next year will probably be $25,000.
Required:
Write the letter to Bill in which you indicate how the losses would be treated for tax purposes in the current year and the following year.
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In the current year, Bill Parker is considering making an investment of $60,000 in Best Choice Partn...
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