Question
In: Accounting
During the year, Janice invested $10,000 (tax basis and at-risk basis) into XYZ limited partnership (a...
During the year, Janice invested $10,000 (tax basis and at-risk basis) into XYZ limited partnership (a passive investment). Her share of the limited partnership income for the year was $6,000, and Janice received a $5,000 distribution from XYZ limited partnership.
During the year, Janice also invested $6,000 (tax basis and at-risk basis) into ABC limited partnership (a passive investment). Her share of the limited partnership loss for the year was $7,000, and Janice received a $1,500 distribution from ABC limited partnership.
What will be the net income/loss reported on Schedule 1 line 5 of a 2019 tax return? Will there be a carry forward?
Solutions
Expert Solution
Janice made an investment of passive activity which is at a tax basis and at-risk basis and incurred net loss of $1000. it is any how not taxable but the loss are carry forwarded.
ekkarill92 answered 11 months agoRelated Solutions
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