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Title: Sandy and Larry each have a 50% interest in SL Partnership. The partnership and the individuals file ... Post by: Sheena Maskell on Jan 11, 2017 Sandy and Larry each have a 50% interest in SL Partnership. The partnership and the individuals file on a calendar year basis. In 2009, SL Partnership had a $30,000 ordinary loss. Sandy's adjusted basis in her partnership interest on January 1, 2009 was $12,000. In 2010, SL Partnership had ordinary income of $20,000. Assuming there were no other adjustments to Sandy's basis in the partnership, what amount of partnership income (loss) would Sandy show on her 2009 and 2010 individual income tax returns?
A) 2009 2010 ($12,000) $ 7,000 B) 2009 2010 ($12,000) $ 10,000 C) 2009 2010 ($15,000) $ 7,000 D) 2009 2010 ($15,000) $ 10,000 Title: Re: Sandy and Larry each have a 50% interest in SL Partnership. The partnership and the individuals ... Post by: Yoko900 on Jan 11, 2017 Content hidden
Title: Re: Sandy and Larry each have a 50% interest in SL Partnership. The partnership and the individuals file ... Post by: Sheena Maskell on Mar 20, 2017 Really helped
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