Partner X of the XYZ equal partnership has a total basis in her partnership interest...
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Partner X of the XYZ equal partnership has a total basis in her partnership interest of $30,000. The partnership has $21,000 of nonqualified nonrecourse debt, and no recourse debt. XYZ has a current ordinary loss of ($120,000). X does not materially participate in XYZ, and also has another passive activity for which her share of the income for the year is $5,000. How much Xs share of the XYZ loss is deductible, and how much and at what level (basis, at-risk amount, passive activity loss) are Xs carryovers to the next year?
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