Jan Ellis has gross income of $140,000 in 2012 and owned the following passive activities:
All activities were acquired after 1986, and Jan was at risk for all losses. She sold her interest in the LMN limited partnership in 2012. fte basis in the interest was $45,000, and the interest was sold for $15,000. Explain all tax consequences pertaining to LMN for 2012.

Question

Jan Ellis has gross income of $140,000 in 2012 and owned the following passive activities:
  All activities were acquired after 1986, and Jan was at risk for all losses. She sold her interest in the LMN limited partnership in 2012. fte basis in the interest was $45,000, and the interest was sold for $15,000. Explain all tax consequences pertaining to LMN for 2012.

Quizplus · Accepted Answer

The Answer of Jan Ellis has gross income of $140,000 in 2012 and owned the following passive activities:
  All activities were acquired after 1986, and Jan was at risk for all losses. She sold her interest in the LMN limited partnership in 2012. fte basis in the interest was $45,000, and the interest was sold for $15,000. Explain all tax consequences pertaining to LMN for 2012.

Jan Ellis Has Gross Income of $140,000 in 2012 and Owned