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John's share of partnership loss was $60,000. He had only enough tax basis to deduct $34,000 of the loss. He may deduct the remaining loss against other income in the following year, regardless of what happens in the partnership.
Current Liabilities
A company's debts or obligations that are due to be settled within one fiscal year or the operating cycle, whichever is longer.
Long-Term Liabilities
Financial obligations of a company that are due beyond one year from the balance sheet date.
Accounts Payable Turnover Ratio
A liquidity ratio that measures how many times a company pays off its suppliers over a period.
Accounts Payable
Money owed by a business to its suppliers or creditors for goods or services received.
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