Amount of partnership income

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Ed and Bob each have 50 percent interest in Partnership Quail. Both Ed's and the partnership's returns are fi led on a calendar year basis. For its 2010 tax year, Partnership Quail had a $12,000 loss. Ed's adjusted basis in his partnership interest on January 1, 2010 was $4,000. In 2011, Partnership Quail had a profit of $8,000. Assuming there were no other adjustments to Ed's basis in the partnership in 2010 and 2011, what amount of partnership income (loss) should Ed show on his 2010 and 2011 individual income tax returns?

Reference no: EM13134538

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