In 2016, Andrew contributed equipment with an adjusted basis of $34,000 and a FMV of...
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Accounting
In 2016, Andrew contributed equipment with an adjusted basis of $34,000 and a FMV of $32,000 to Construction Limited Partnership (CLP) in return for a 3% limited partnership interest. Andrews share of CLP income and losses for the year were as follows:
Interest
$
1,200
Dividends
1,000
Capital gain
1,600
Ordinary loss
(5,025
)
CLP had no liabilities. What are Andrews initial basis, allowed losses, and ending at-risk amount?
Initial at-risk basis- _______
Allowed Loss- _________
Closing at-risk basis- ___________
Answer & Explanation
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