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Calculate the passive loss limitation for each partner

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Question - Jack, Jill and James own a CPA firm (Smith, Smith, Bond and Co., LLC), which is taxed as a partnership, and where each work full-time. Each contributed cash of $100,000 to the firm in 2019 at its beginning. The firm in the first year made $40,000 in profit in its first year. Profits and losses are split three ways.

The partnership has the following forms of debt: Nonrecourse: $30,000 Recourse: $150,000 (The recourse debt was secured 100% by James) Qualified Nonrecourse Mortgage: $600,000

a. Calculate the total basis (including debt basis) for each partner.

b. Calculate the at-risk amount limitation

c. Calculate the passive loss limitation for each partner.

Reference no: EM132803691

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