Funky Chicken is a calendar year general partnership with the following current year information: On January 1 June Cross bought 60% of Funky Chicken for $45,000. She then loaned the partnership $20,000. How much of the operating loss may Cross deduct currently?

Question

Funky Chicken is a calendar year general partnership with the following current year information:  On January 1 June Cross bought 60% of Funky Chicken for $45,000. She then loaned the partnership $20,000. How much of the operating loss may Cross deduct currently?

Quizplus · Accepted Answer

The Answer of Funky Chicken is a calendar year general partnership with the following current year information:  On January 1 June Cross bought 60% of Funky Chicken for $45,000. She then loaned the partnership $20,000. How much of the operating loss may Cross deduct currently?

Funky Chicken Is a Calendar Year General Partnership with the Following