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23 February, 19:37

For the tax year, OSH partnership reported a $74,000 ordinary loss and a $28,000 increase in recourse liabilities for which the partners are liable. Ashley, a 50% partner, had an adjusted basis of $15,000 at the beginning of the year. What is Ashley's allowable loss and her adjusted basis in OSH at the end of the year?

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  1. 23 February, 22:57
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    Ashley's Allowable loss $15000, Adjusted Basis $0

    Explanation:

    Ashley's Share of loss = $74000 x 50% i. e. $37000

    But since Ashley has adjusted basis of only $15000, therefore only $15000 loss can be adjusted and remaining will be adjusted in future years.

    Therefore, Ashley's Allowable loss $15000, Adjusted Basis $0
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Home » Business » For the tax year, OSH partnership reported a $74,000 ordinary loss and a $28,000 increase in recourse liabilities for which the partners are liable. Ashley, a 50% partner, had an adjusted basis of $15,000 at the beginning of the year.
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