Identify which of the following statements is true.
a. any distributive share of a loss that...
Identify which of the following statements is true.
a. any distributive share of a loss that cannot be deducted by a partner because of the sec. 704(d) basis loss limitation is permanently lost.
b. when adjusting a partner's basis in a partnership interest, the negative basis adjustments are made prior to the positive basis adjustments.
c. martin and carlos formed an equal partnership to which martin contributed $10,000 cash and carlos contributed a building worth $10,000 with a basis of $2,000. in the first year of operation, the partnership suffered a $10,000 ordinary loss. martin and carlos can each deduct a $5,000 loss on their personal tax returns.
d. all of the above are false.
Answers: 2
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