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Sheena Maskell Sheena Maskell
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7 years ago
At the beginning of this year, Thomas and Claire were equal partners in a partnership that uses the calendar year as its tax year. On August 1, this year, Randy and Mike each contributed $50,000 cash for a 1/4 interest in the partnership. The interests of both Randy and Mike drop to one-fourth. The partnership reports a $30,000 ordinary loss for the current tax year ending December 31. (Assume every month has the same number of days).

What is the amount of loss allocated to each partner?
Textbook 
Prentice Hall's Federal Taxation: 2011: Individuals

Prentice Hall's Federal Taxation: 2011: Individuals


Edition: 14th
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MsLippyMsLippy
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Sheena M. Author
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#2
7 years ago
I took a chance with your answer

It was right
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