Alex is a partner in a calendar year partnership.His partnership Schedule K-1 for the current tax year showed the following: Alex has a $7,000 loss carryforward from the partnership last year,which he could not deduct because of the basis limitation.What is his tax basis in his partnership interest at the end of the current tax year?

Question

Alex is a partner in a calendar year partnership.His partnership Schedule K-1 for the current tax year showed the following:  Alex has a $7,000 loss carryforward from the partnership last year,which he could not deduct because of the basis limitation.What is his tax basis in his partnership interest at the end of the current tax year?

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The Answer of Alex is a partner in a calendar year partnership.His partnership Schedule K-1 for the current tax year showed the following:  Alex has a $7,000 loss carryforward from the partnership last year,which he could not deduct because of the basis limitation.What is his tax basis in his partnership interest at the end of the current tax year?

Alex Is a Partner in a Calendar Year Partnership