In 2014, Jerry acquired an interest in a partnership in which he is not a...
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Accounting
In 2014, Jerry acquired an interest in a partnership in which he is not a material participant. The partnership was profitable until 2015. Jerrys basis in the partnership interest at the beginning of 2015 was $56,000. In 2015, his share of the partnership loss was $42,500. In 2016, his share of the partnership income was $17,800. How much can Jerry deduct in 2015 and 2016?
2015
2016
Deductible Losses
Suspended Losses
Basis in partnership
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