Wayne and Wendy Are Equal Partners in ABC Windows

question 1

Multiple Choice

Wayne and Wendy are equal partners in ABC Windows.Wayne is a general partner and Wendy is a limited partner.Each partner invested $20,000 in the company.ABC Windows experienced a loss of $50,000 this year.Which of the following statements regarding this loss is TRUE?

• A)Wayne may claim a loss for tax purposes of $25,000 this year.
• B)Wendy may claim a loss for tax purposes of $25,000 this year.
• C)Wayne may claim a loss for tax purposes of $50,000 this year.
• D)Wendy may claim a loss for tax purposes of $50,000 this year.

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