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Carryover Amounts Assignment

Author:
February 18th, 2020

Juan Diego began the year with a tax basis in his partnership interest of $40,000. During the year, he was allocated $26,000 of partnership ordinary business income, $100,000 of $1231 losses, and $100,000 of short-term capital losses and received a cash distribution of $40,000. (Do not round intermediate calculations.)

a. What items related to these allocations does Juan Diego actually report on his tax return for the year? [Hint See Reg. $1.704-1(d)(2) and Rev. Rul. 66-94.]

b. If any deductions or losses are limited, what are the carryover amounts and what is their character? [Hint See Reg. $1.704-1(d).] Get Finance homework help today

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