In 2013,Kipp Invested $65,000 for a 30% Interest in a Partnership

question 48

Multiple Choice

In 2013,Kipp invested $65,000 for a 30% interest in a partnership conducting a passive activity.The partnership reported losses of $200,000 in 2013 and $100,000 in 2014,Kipp's share being $60,000 in 2013 and $30,000 in 2014.How much of the losses from the partnership can Kipp deduct assuming he owns no other investments and does not participate in the partnership's operations?

• A)$0 in 2013; $30,000 in 2014.
• B)$60,000 in 2013; $30,000 in 2014.
• C)$60,000 in 2013; $5,000 in 2014.
• D)$60,000 in 2013; $0 in 2014.
• E)None of the above.

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