Judy Buessink owned an interest as a limited partner in LBJ partnership. She did not materially participate in the activity. On the date she gifted the LBJ partnership interest to her son, Alan, her basis was $30,000. Suspended losses amounted to $25,000 as of that date. What is Alan's adjusted basis on the gift?

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The Answer of Judy Buessink owned an interest as a limited partner in LBJ partnership. She did not materially participate in the activity. On the date she gifted the LBJ partnership interest to her son, Alan, her basis was $30,000. Suspended losses amounted to $25,000 as of that date. What is Alan's adjusted basis on the gift?

Judy Buessink Owned an Interest as a Limited Partner in LBJ