Business, 04.03.2020 03:19, levicorey846

Rosa contributes $50,000 to a business entity in exchange for a10% ownership interest. Rosa materially participates in the entity. The business entity incurs a loss of $900,000 for the current taxyear and holds liabilities at the end of the year of $700,000. Ofthis amount, $150,000 is recourse debt and $550,000 is nonrecoursedebt.

If an amount is zero, enter "0".

a. Assume that the business entity is apartnership.

How much of the entity loss can Rosa deduct on her the currenttax year income tax return?
$

What is her basis for the partnership interest at the end of thecurrent tax year?
$

b. Assume that the business entity is a Ccorporation.

How much of the entity loss can Rosa deduct on her the currenttax year income tax return?
$

What is her basis for the stock at the end of the current taxyear?
$

Answers: 1

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Rosa contributes $50,000 to a business entity in exchange for a10% ownership interest. Rosa material...