During the year, Janice invested $10,000 (tax basis and at-riskbasis) into XYZ limited partnership (a passive investment). Hershare of the limited partnership income for the year was $6,000,and Janice received a $5,000 distribution from XYZ limitedpartnership.
During the year, Janice also invested $6,000 (tax basis andat-risk basis) into ABC limited partnership (a passive investment).Her share of the limited partnership loss for the year was $7,000,and Janice received a $1,500 distribution from ABC limitedpartnership.
What will be the net income/loss reported on Schedule 1 line 5of a 2019 tax return? Will there be a carry forward?
