Business, 06.05.2020 04:39 cedricevans41p4j3kx

Alfonso began the year with a tax basis in his partnership interest of $15,000. His share of partnership debt at the beginning and end of the year consists of $7,000 of recourse debt and $10,000 of nonrecourse debt. During the year, he was allocated $32,000 of partnership ordinary business loss. Alfonso does not materially participate in this partnership and he has $3,000 of passive income from other sources. A. How much of Alfonso’s loss is 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 $15,000. His share of partner...

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