If a Partner's Share of Partnership Losses Exceeds Basis, the Excess

question 32

True/False

If a partner's share of partnership losses exceeds basis, the excess is not deductible in the current year and cannot be carried forward for deduction in the future.

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Definitions:

House of Representatives

The lower chamber of the United States Congress, with members elected based on state populations to serve for two-year terms.

Foreign Policy

The strategies and decisions made by a country's government regarding its relations and interactions with other countries.

Congress

The national legislative body of a country, particularly referred to in the context of the United States, consisting of the House of Representatives and the Senate.

Declaring War

The formal act by which a sovereign state announces and initiates a state of war against another sovereign state or entity.