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Sheena Maskell Sheena Maskell
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7 years ago
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
Textbook 
Prentice Hall's Federal Taxation: 2011: Individuals

Prentice Hall's Federal Taxation: 2011: Individuals


Edition: 14th
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Yoko900Yoko900
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Sheena M. Author
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#2
7 years ago
Really helped
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