Federal Taxation

posted by .

In 2005 Russell acquired and interest iin a partnership in which he is not a material participant. The partnership was profitable through 2008, and Russell's basis in partnership interest at the beginning of 2009 was $50,000. Russell's share of the partnership loss was $40,000 in 2009, and his share of partnership income is $22,000 in 2010. How much can Russell deduct for 2009 and 2010?

Respond to this Question

First Name
School Subject
Your Answer

Similar Questions

  1. Accounting 102

    Turner and Isham agreed to form a partnership. Turner contributed $ 200,000 in cash, and Isham contributed assets with a fair market value of $ 400,000. The partnership, in its initial year, reported net income of $ 120,000. Assume …
  2. Finance

    Dean and Jerry formed a partnership, agreeing to share profits and losses equally. Dean will receive a guaranteed payment of $48,000 per year. The partnership has $240,000 net income from operations for the year, before considering …
  3. accounting ..urgent pls

    can you help please.. PROB 1: A, B and C shared the profit of Rs. 9,00,000 in the ratio of 2:2:1 without providing for interest on B’s loan, B granted a loan of Rs. 4,00,000 in the beginning of accounting year. Where as the partnership …
  4. accounting ..urgent pls

    please help me to solve this problem. THANK YOU AND MAY GOD BLESS YOU ALWAYS. L. Carson agrees to pay $10,000 each to to C. Ames and D. Barker for 1/3 of their interest in the Ames-Barker partnership. At the time of the admission of …
  5. english/check

    "About Russell" 28. Russell’s family encourages him to seek help for his problems. true false 29. Russell ends up a)working with his father as a real estate agent. b)collecting and redeeming soda bottles. c)begging on the street. …
  6. tax

    Bailey owns a 20% interest in a partnership (not involved in real estate) in which his at-risk amount was $25,000 at the beginning of the year. During the year, Bailey receives a distribution of $20,000 from the partnership. The partnership …
  7. tax

    Bethany contributes a building to a partnership with a basis of $120,000 and a FMV of $200,000. Bethany's basis in her partnership interest would: not increase at all. increase by $80,000. increase by $120,000. increase by $200,000. …
  8. Business Law

    Under the Revised Uniform Partnership Act a. partners are co-owners of partnership property b. partners don't have transferable economic interests c. partnership property is owned by the partnership d. the partnership is an aggregate …
  9. Accounting

    Needs the entries for the following scenarios: Capital accounts as follows : Mason ; 90,000 Jiri; 30,000 James; 60,000 a) Frank pays mason 25,000 for 20% of masons interest in the company b) Frank invests 60,000 cash in the partnership …
  10. English

    Anyone who has read About Rusell During the greatest kickball game ever, Russell scores the winning point leaves with the ball*** causes his team to lose starts an argument, ending the game When Rita beats Russell at chess, she is …

More Similar Questions