If a Partner's Share of Partnership Losses Exceeds Basis, the Excess

question 32

True/False

If a partner's share of partnership losses exceeds basis, the excess is not deductible in the current year and cannot be carried forward for deduction in the future.

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Definitions:

Maquiladoras

Mexican factories located along the U.S.–Mexico border that receive preferential tariff treatment.

Tariffs

Taxes imposed by a government on imports or exports of goods.

Operations Management Strategy

A plan for designing, operating, and improving the processes that create and deliver goods and services.

Multinational Organizations

Corporations or enterprises that manage production or deliver services in more than one country, operating across national borders.