Tax basis or at-risk amount


Sue invested $5,000 in the ABC Limited Partnership and received a 10 percent interest in the partnership. The partnership had $20,000 of qualified nonrecourse debt and $20,000 of debt she is not responsible to repay because she is a limited partner. Sue is allocated a 10 percent share of both types of debt. During the year, ABC LP generated a ($90,000) loss. How much of Sue's loss is disallowed due to her tax basis or at-risk amount?

A. $2,000 disallowed because of her at-risk amount

B. $2,000 disallowed because of her tax basis

C. Zero; all of her loss is allowed to be deducted.

D. $7,000 disallowed because of her tax basis

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Accounting Basics: Tax basis or at-risk amount
Reference No:- TGS062073

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