Author Question: Richard has a 50% interest in a partnership, and he materially participates in the partnership's ... (Read 65 times)

saliriagwu · **on:** Sep 13, 2020

Richard has a 50% interest in a partnership, and he materially participates in the partnership's business. Richard's adjusted basis in the partnership was $60,000 at the beginning of the year, including his share of partnership liabilities. There were no distributions to Richard during the year. During the current year, the partnership borrowed $160,000 from a local bank to purchase equipment needed in the business. All of the partners are personally liable for all partnership debts. The partnership incurred a $320,000 loss this year. What amount can Richard claim as a loss from the partnership on his individual tax return this year?
◦ $60,000
◦ $80,000
◦ $140,000
◦ $160,000

dominiqueenicolee · **Reply #1 on:** Sep 13, 2020

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