The adjusted cost base of C's limited partnership interest was $50.000 on January 1 of the current year. The partnership allocated $36.000 of profit to C in the current year. The allocated profit consisted of $30,000 business income and $6.000 capital gains In the previous year the partnership loaned $20,000 to C. This loan remains outstanding at the end of the current year Determine C's at-risk amount at the end of the current year $
The adjusted cost base of C's limited partnership interest was $50.000 on January 1 of the current year. The partnership allocated $36.000 of profit to C in the current year. The allocated profit consisted of $30,000 business income and $6.000 capital gains In the previous year the partnership loaned $20,000 to C. This loan remains outstanding at the end of the current year Determine C's at-risk amount at the end of the current year $
Chapter4: Gross Income: Concepts And Inclusions
Section: Chapter Questions
Problem 12DQ
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The adjusted cost base of C's limited partnership interest was $50.000 on January 1 of the current year. The partnership allocated $36.000 of profit to C in the current year. The allocated profit consisted of $30,000 business income and $6.000 capital gains In the previous year the partnership loaned $20,000 to C. This loan remains outstanding at the end of the current year Determine C's at-risk amount at the end of the current year
$
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