In the present year david and debbie wayland both

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In the present year, David and Debbie wayland both successful physicians made 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 required for the farms operations. The wayland's investment advisor told them that their share of the tax loss in first year alone would be in excess of their initial cash investment. This could be followed by some more years of loses. They feel confident that their interest in the berry farm is a sound investment. Recognize the tax issues facing the Waylands.

Reference no: EM13370502

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