Wayne and Wendy Are Equal Partners in ABC Windows

question 3

Multiple Choice

Wayne and Wendy are equal partners in ABC Windows. Wayne is a general partner and Wendy is a limited partner. Both partners have 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)Wendy may claim a loss for tax purposes of $25,000 this year.
• B)Wayne 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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Definitions:

Business Professionals

Individuals who work in areas related to commerce, such as finance, marketing, or management.

Claim Letter

A formal letter written to demand a correction or a payment due to unsatisfactory products or services received.

Persuasive Technique

A method or approach used to convince or influence someone to agree with a viewpoint, make a decision, or take action by appealing to logic, emotions, or ethics.

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Located or taking place at a particular site or location, often in relation to work or an event.