Business, 31.12.2019 01:31, clare07

On january 1, x9, gerald received his 50 percent profits and capital interest in high air, llc, in exchange for $2,600 in cash and real property with a $3,600 tax basis secured by a $2,600 nonrecourse mortgage. high air reported a $15,600 loss for its x9 calendar year. how much loss can gerald deduct, and how much loss must he suspend if he only applies the tax basis loss limitation

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On january 1, x9, gerald received his 50 percent profits and capital interest in high air, llc, in e...