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Problem 1: L, M, and N formed an equal general partnership in January of the current year, each contributing $1,000 cash and each actively participating in the business. Although the partnership is engaged in real estate rental activities, it does not qualify as a real property trade or business. The partnership uses the cash method of accounting. The partnership purchased real property for $100,000, paying $3,000 in cash and giving a $97,000 nonrecourse note for which none of the pa ners is personally liable and which is not qualified real estate nonrecourse financing. The partnership incurred an operating loss of $15,000 for the year. Each partner has adjusted gross income from other activities of approximately $75,000 and no other passive losses. What is each pa ner's deductible share of the loss?
A. $0B. $1,000 C. $4,000D. $5,000
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Troy (single) purchased a home in Hopkinton, Massachusetts, on April 6, 2005, for $300,000. He sold the home on October 6, 2012, for $320,000. How much gain must Troy recognize on his home sale in each of the following alternative situations? (Lea..
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Partners are to receive 10% interest on average capital balances. Prepare the correcting journal entry at Dec. 31, 2018 assuming that the books have been closed
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