In 2018, Kipp Invested $65,000 for a 30% Interest in a Partnership

question 17

Multiple Choice

In 2018, Kipp invested $65,000 for a 30% interest in a partnership conducting a passive activity. The partnership reported losses of $200,000 in 2018 and $100,000 in 2019, Kipp's share being $60,000 in 2018 and $30,000 in 2019. How much of the losses from the partnership can Kipp deduct assuming he owns no other investments and does not participate in the partnership's operations?

• A) $0 in 2018? $30,000 in 2019.
• B) $60,000 in 2018? $30,000 in 2019.
• C) $60,000 in 2018? $5,000 in 2019.
• D) $60,000 in 2018? $0 in 2019.
• E) None of the above.

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