Sandy and Larry Each Have a 50% Interest in SL

question 1763

Multiple Choice

Sandy and Larry each have a 50% interest in SL Partnership. The partnership and the individuals file on a calendar- year basis. In 2017, SL Partnership had a $30,000 ordinary loss. Sandy's adjusted basis in her partnership interest on January 1, 2017, was $12,000. In 2018, 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 2017 and 2018 individual income tax returns?

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Homeowners' Insurance

A form of property insurance that covers losses and damages to an individual's house and assets in the home.

Hazards

Potential sources of danger or harm to health, safety, or the environment.

Writ of Attachment

is a legal document issued by a court ordering the seizure of property to secure satisfaction of a judgment.

Prejudgment Remedy

A legal measure obtained before a court's final decision to secure assets or interests, ensuring satisfaction of a potential judgment.