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What tax issues should jorge consider

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Question - What tax issues should Jorge consider with respect to reporting the results of this year's activities for the EFJ Partnership on his personal return?

Jorge, a limited partner in the EFJ Partnership, has a 20% interest in partnership capital, profits, and losses.  His basis in the partnership interest is $20,000 before accounting for events from the current year.  In December of the current year, the EFJ Partnership repaid a $100,000 nonrecourse liability.  The partnership earned $20,000 of ordinary income this year.

Reference no: EM131732654

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