In the current year david and debbie wayland both

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In the current 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 obstained from the investors, management borrowed a substantial sum to purchase assets necessary for the farms operations. The wayland's investment advisor told them that their share of the tax loss in the first year alone would be in excess of their inital cash investment. This would be followed by several more years of loses. they feel confident that their interest in rhe berru farm is a sound investment. Identify the tax issues facing the Waylands.

Reference no: EM13570848

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