Business, 06.08.2021 23:50 dhhdjejdjdbdhdne

Zelda owns a 60 percent general interest in YZ Partnership. At the beginning of 2019, the adjusted basis in her YZ interest was $95,000. For 2019, YZ generated a $210,000 business loss, earned $14,600 dividend and interest income on its investments, and recognized a $6,200 capital gain. YZ made no distributions to its partners and had no debt. In 2020, YZ generated $7,000 ordinary business income and $18,000 dividend and interest income. The partnership made no distributions. At the end of the year, YZ had $21,000 debt. Required:
a. How much of her share of YZâ€™s loss can Zelda deduct on her 2019 return? Assume the excess business loss limitation does not apply.
b. Compute Zeldaâ€™s adjusted basis in her YZ interest at the end of 2019.
c. If Zelda received a $5,000 cash distribution from YZ during 2019, how much of her share of YZ's loss can she deduct on her 2019 return?

Answers: 2

Show answers

Other questions on the subject: Business

Business, 22.06.2019 04:00, callmedarthvadorplz

You are thinking of making your mansion more energy efficient by replacing some of the light bulbs with compact fluorescent bulbs, and insulating part or all of your exterior walls. each compact fluorescent light bulb costs $4 and saves you an average of $2 per year in energy costs, and each square foot of wall insulation costs $1 and saves you an average of $0.20 per year in energy costs.† your mansion has 150 light fittings and 3000 sq ft of uninsulated exterior wall. to impress your friends, you would like to spend as much as possible, but save no more than $750 per year in energy costs (you are proud of your large utility bills). how many compact fluorescent light bulbs and how many square feet of insulation should you purchase? how much will you save in energy costs per year? (if an answer does not exist, enter dne.)

Answers: 1

continue

Business, 22.06.2019 05:30, themaster66644

Financial information that is capable of making a difference in a decision is

Answers: 3

continue

Business, 22.06.2019 08:30, hartzpeyton136

Match each item to check for while reconciling a bank account with the document to which it relates.(there's not just one answer)1. balancing account statement2. balancing check registera. nsf feesb. deposits in transitc. interest earnedd. bank errors

Answers: 2

continue

Business, 22.06.2019 11:00, nathanbrockdac

Using a cps-sample of 7,440 individuals, you estimate the following regression: = 20.91 - 2.61 x female where female is a binary variable that takes on the value of 1 for females and is 0 otherwise. the standard error on the coefficient on female is 0.25. the 95% confidence interval for the gender wage gap, or the amount that females earn less, is: a) [-3.10, -2.12] b) [18.30, 23.52] c) [-3.02, -2.20] d) [-1.96, -1.64]

Answers: 3

continue

You know the right answer?

Zelda owns a 60 percent general interest in YZ Partnership. At the beginning of 2019, the adjusted b...