Find the tax issues facing the waylands

Assignment Help Taxation

Reference no: EM1375501

Please help find issues for Income Tax Accounting

In the existing year, David and Debbie Wayland, both successful physicians, made a cash investment for a limited partnership interest in a California berry farm. In addition to the cash obtained from the investors, management borrowed a substantial sum to purchase assets essential for the farm's operations. Waylands' investment advisor told them that their share of the tax loss in 1st year alone would be in excess of their initial cash investment. This could be followed by various more years of losses. They feel confident that their interest in berry farm is a sound investment.

Find the tax issues facing the Waylands.

Reference no: EM1375501

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