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safezone safezone
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7 years ago
The XYZ Partnership reports the following operating results for the current year:

Net long-term capital loss   ($40,000)
Net Sec. 1231 loss   ( 16,000)
Ordinary income   50,000

Tai has a 20% profits interest and a 25% loss interest in the XYZ Partnership. His distributive share of ordinary income is
A) $6,800.
B) $8,500.
C) $10,000.
D) $12,500.
Textbook 
Prentice Hall's Federal Taxation 2014 Corporations, Partnerships, Estates & Trusts

Prentice Hall's Federal Taxation 2014 Corporations, Partnerships, Estates & Trusts


Edition: 27th
Authors:
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That's not philosophy, it's geometry
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strwbrrystrwbrry
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Every man, wherever he goes, is encompassed by a cloud of comforting convictions, which move with him like flies on a summer day.
   --Bertrand Russell, 1950

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