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Partner a has an investment account and for 2012 he has a

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Partner A has an investment account and for 2012 he has a realized and recognized capital gain of $40,000. Partner B does not have any investment accounts, and does not have any capital gains or losses for 2012.

The partnership K-1 passes through the following items:

  • Partner A:Short term capital gain of $2,000
  • Long term capital loss of ($25,000)
  • Partner B:Short term capital gain of $2,000
  • Long term capital loss of ($25,000)

How will Partner A and Partner B report these on their personal income tax returns?

Reference no: EM13577875

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