Alex, Brian and Chris are equal partners in the ABC partnership.ABC owns a restaurant in...

Alex, Brian and Chris are equal partners in the ABC partnership. ABC owns a restaurant in Mineola and a retail music store in Asbury Park. It has $300,000 of loss from the restaurant and a $120,000 loss from the music store. Alex materially participates in the restaurant but has little to do with the music store. The partnership also earns $21,000 of interest during the year. Alex has $5,000 of passive income from his other activities. How much income or loss does Alex have from ABC, and how much of the loss can he deduct?

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ekkarill92 answered 2 years ago

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