Alex is a partner in a calendar year partnership. His partnership Schedule K-1 for the current tax year showed the following: $\begin{array}{llr}
\text {Ordinary business income } &\$41,000\
\text { short-term capital loss} &1,500\
\end{array}$
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: $\begin{array}{llr}
  \text {Ordinary business income  } &\$41,000\
 \text {  short-term capital loss} &1,500\
\end{array}$
 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?

Quizplus · Accepted Answer

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: $\begin{array}{llr}
  \text {Ordinary business income  } &\$41,000\
 \text {  short-term capital loss} &1,500\
\end{array}$
 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 Ordinary business income $41,000 short-term capital loss1,500\begin{array}{llr} \text {Ordinary business income } &\$41,000\\ \text { short-term capital loss} &1,500\\\end{array}Ordinary business income short-term capital loss​$41,0001,500​

Alex Is a Partner in a Calendar Year Partnership $\begin{array}{llr} \text {Ordinary business income } &\$41,000\\ \text { short-term capital loss} &1,500\\\end{array}$