Question is for number 74 A-C. Thanks! c) How much of...
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Question is for number 74 A-C. Thanks!
c) How much of Alfonso's loss is limited by the passive activity loss rules? 9-6 74. Jenna began the year with a tax basis of $45,000 in her partnership interest. Her share of partnership debt consists of $6,000 of recourse debt and $10,000 of nonrecourse debt at the beginning of the year and $6,000 of recourse debt and $13,000 of nonrecourse debt at the end of the year. During the year, she was allocated $65,000 of partnership ordinary business loss. Jenna does not materially participate in this partnership and she has $4,000 of passive income from other sources. a) How much of Jenna's loss is limited by her tax basis? b) How much of Jenna's loss is limited by her at-risk amount? c) How much of Jenna's loss is limited by the passive activity loss rules? c) How much of Alfonso's loss is limited by the passive activity loss rules? 9-6 74. Jenna began the year with a tax basis of $45,000 in her partnership interest. Her share of partnership debt consists of $6,000 of recourse debt and $10,000 of nonrecourse debt at the beginning of the year and $6,000 of recourse debt and $13,000 of nonrecourse debt at the end of the year. During the year, she was allocated $65,000 of partnership ordinary business loss. Jenna does not materially participate in this partnership and she has $4,000 of passive income from other sources. a) How much of Jenna's loss is limited by her tax basis? b) How much of Jenna's loss is limited by her at-risk amount? c) How much of Jenna's loss is limited by the passive activity loss rules
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