This year, individual x and individual Y formed xY Partnership. x contributed $71,000 cash, and...
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This year, individual and individual formed Partnership. contributed $ cash, and contributed business assets with a $ FMV Ys adjusted basis in these assets was only $ The partnership agreement provides that income and loss will be divided equally between the two partners. Partnership operations for the year generated a $ loss. Required: How much loss may each partner deduct currently, and what basis will each partner have in their interest at the beginning of next year? Assume the excess business loss limitation does not apply to either or Note: Losses and deductions should be entered as negative numbers. Red text indicates no response was expected in a cell or a formulabased calculation is incorrect; no points deducted. 
This year, individual and individual formed Partnership. contributed $ cash, and contributed business assets with a
$ FMV Ys adjusted basis in these assets was only $ The partnership agreement provides that income and loss will be
divided equally between the two partners. Partnership operations for the year generated a $ loss.
Required:
How much loss may each partner deduct currently, and what basis will each partner have in their interest at the beginning of next
year? Assume the excess business loss limitation does not apply to either or
Note: Losses and deductions should be entered as negative numbers.
Red text indicates no response was expected in a cell or a formulabased calculation is incorrect; no points deducted.
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