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Romashka [77]
3 years ago
11

A number of years ago, Lee acquired a 20% interest in the BlueSky Partnership for $60,000. The partnership was profitable throug

h 2018, and Lee's amount at risk in the partnership interest was $120,000 at the beginning of 2019. BlueSky incurred a loss of $400,000 in 2019 and reported income of $200,000 in 2020. Assuming that Lee is not a material participant, how much of his loss from BlueSky Partnership is deductible in 2019 and 2020? Consider the at-risk and passive activity loss rules, and assume that Lee owns no other passive investments.

Business
1 answer:
nevsk [136]3 years ago
7 0

Answer:

Please see attachment

Explanation:

Please see attachment

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