Business, 18.12.2019 02:31 Gearyjames8
Alfonso began the year with a tax basis in his partnership interest of $29,000. his share of partnership debt at the beginning and end of the year consists of $3,000 of recourse debt and $6,000 of nonrecourse debt. during the year, he was allocated $49,000 of partnership ordinary business loss. alfonso does not materially participate in this partnership and he has $1,000 of passive income from other sources.
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Alfonso began the year with a tax basis in his partnership interest of $29,000. his share of partner...
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