Question #12. Vanessa and Chelsea are equal partners in a partnership. Vanessas outside basis is...
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Accounting
Question #12. Vanessa and Chelsea are equal partners in a partnership. Vanessas outside basis is $420. Chelseas outside basis is $340. The partnership distributes $400 in cash to Vanessa and $400 in cash to Chelsea in a nonliquidating distribution.
What are the tax consequences of the distributions to Vanessa and Chelsea?
Question #13. A partner may be limited as to deducting the partners share of losses from the partnership.
What are the three loss limitations?
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