On January 1, 20X8, Jill contributed $36,000 of cash to the XYZ limited partnership for a 25 percent limited partnership interest. On April 6, 20X8, XYZ limited partnership distributed $3,800 to Jill. For the year ended December 31, 20X8, Jill received the following income/loss allocations from her partnership investments: (1)XYZ limited partnership allocated a $4,600 loss to Jilland (2)ABC limited partnership allocated $2,700 of income to Jill. How much of the $4,600 loss from XYZ limited partnership can Jill deduct in 20X8?
Answer Key
Test name: chapter 7

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The Answer of On January 1, 20X8, Jill contributed $36,000 of cash to the XYZ limited partnership for a 25 percent limited partnership interest. On April 6, 20X8, XYZ limited partnership distributed $3,800 to Jill. For the year ended December 31, 20X8, Jill received the following income/loss allocations from her partnership investments: (1)XYZ limited partnership allocated a $4,600 loss to Jilland (2)ABC limited partnership allocated $2,700 of income to Jill. How much of the $4,600 loss from XYZ limited partnership can Jill deduct in 20X8?
Answer Key
Test name: chapter 7

On January 1, 20X8, Jill Contributed $36,000 of Cash to the XYZ