Business, 21.02.2020 04:32, makayladurham19
A number of years ago, Lee acquired a 20% interest in the BlueSky Partnership for $60,000. The partnership was profitable through 2014, and Lee's amount at risk in the partnership interest was $120,000 at the beginning of 2015. BlueSky incurred a loss of $400,000 in 2015 and reported income of $200,000 in 2016. Assuming that Lee is not a material participant, how much of his loss from BlueSky Partnership is deductible in 2015 and 2016? Consider the at-risk and passive loss rules, and assume Lee owns no other passive investments.
If an amount is zero, enter "0".
Lee's share of BlueSky's loss in 2015 is $ . Of this loss, $ can be deducted under the at-risk rules, and $ can be deducted under the passive loss rules. In 2016, he may deduct $ of his suspended loss against the passive income. This leaves a $ suspended loss at the end of 2016.
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A number of years ago, Lee acquired a 20% interest in the BlueSky Partnership for $60,000. The partn...
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