Clint Noticed That the Schedule K-1 He Just Received from ABC

question 119

Essay

Clint noticed that the Schedule K-1 he just received from ABC Partnership included a $19,800 ordinary business loss allocation. His tax basis in ABC at the beginning of ABC's most recent tax year was $9,800. Comparing the Schedule K-1 he recently received from ABC with the Schedule K-1 he received from ABC last year, Clint noted that his share of ABC partnership debt changed as follows: recourse debt increased from $0 to $1,800, qualified nonrecourse debt increased from $0 to $2,800, and nonrecourse debt increased from $0 to $2,800. Finally, the Schedule K-1 Clint recently received from ABC reflected a $800 cash contribution he made to ABC during the year.
Clint is not a material participant in ABC Partnership, and he received $9,800 of passive income from another investment during the same year he received the loss allocation from ABC. How much of the $19,800 loss from ABC can Clint deduct currently, and how much of the loss is suspended because of the tax basis, at-risk, and passive activity loss limitations?

Understand the concepts of set point, settling point, and how they relate to body weight and metabolism.

Identify how specific hormones (e.g., leptin, ghrelin, PYY) regulate feelings of hunger and satiety.

Learn about the body's energy regulation processes, including basal metabolic rate and the impact of dieting on metabolism.

Understand the psychological and physiological factors contributing to obesity and weight management strategies.

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Definitions:

Psychiatric Disorder

Conditions involving mental health issues that affect mood, thinking, and behavior, necessitating medical diagnosis and treatment to improve life quality.

Intellectual Disability

A situation where there are substantial limitations in intellectual capabilities alongside deficits in adaptive behavior, including a range of daily social and practical abilities.

Stanford Binet Scale

An individually administered intelligence test that was revised from the original Binet-Simon Scale, measuring five factors of cognitive ability.

Adaptive Behaviour

The range of skills and abilities that people need to function and meet the demands of their everyday lives.