[WestonM]

Mom and Pop Partnership had the following results during the taxable year:

Income from operations

$100,000

loss

Capital gain from sale of land

25,000

Charitable contributions

10,000

Junior, a 50% partner, had an adjusted basis of $40,000 at December 31, without regard to the current year income or loss items. In preparing his individual income tax return, Junior should report which of the following amounts?

1.Ordinary Loss

2.Capital Gain

3.Charitable Contributions

a.

$47,500

$12,500

$5,000

b.

$50,000

$12,500

$5,000

c.

$32,500

$0

$0

d.

$40,000

$12,500

$5,000

So separately stated get added and subtracted to determine the at risk amount and maximum loss? Is this for all Partnerships and S-Corps? Answer is A by the way

BEC: 93 4/18/13
FAR: 89 7/3/13
REG: 90 8/30/13
AUD: 95 11/29/13

DONE!