Kate, Chad, and Stan are partners in the KCS Partnership, which operates a manufacturing business....
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Accounting
Kate, Chad, and Stan are partners in the KCS Partnership, which operates a manufacturing business. The partners formed the partnership ten years ago with Kate and Chad each as general partners having a 40% capital and profits interest. Kate materially participates; Chad does not. Stan has a 20% interest as a limited partner. At the end of the current year, the following information was available:
a. How much operating loss can each partner deduct in the current year? b. Assuming each partners individual AGI is less than $100,000, how much loss could each partner deduct if the KCS Partnership were engaged in rental activities? Assume Kate and Chad both actively participate, but Stan does not.
This problem is from Prentice Hall's Federal Taxation 2016, (corporate taxes) ISBN 978-0-13-41585-7 Chapter 9 problem 45. I have no clue what other information you would need. This is the entire problem.
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