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  3. 46. on december 31, 20x1, john owns a 50% partners

46. On December 31, 20x1, John owns a 50% partnership interest in which he has...

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Accounting

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46. On December 31, 20x1, John owns a 50% partnership interest in which he has a $300,000 tax basis and no amount at risk. The calendar year partnership has one activity. In earlier years, John deducted ordinary losses of $25,000 from the partnership for which he was fully at risk. During 20x2, John receives a $50,000 distribution from the partnership and is allocated a tax loss of $100,000. How much should be reported as income in 20x2? How much should be reported as loss in 20X2? How much loss is suspended and carried forward

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