Carson had the following itemized deductions in 2013

Carson had the following itemized deductions in 2013


S
Asked by 1 year ago
0 points
  1. In 2013 Andrew contributed equipment with an adjusted basis of 20,000 and a FMV of 18,000 to Construction Limited Partnership ( CLP) in return for a 3% limited partner-ship interest. Andrew's shares of CLP income and losses for the year were as follows:

Interest 500

Dividends 300

Capital gains 900

Ordinary loss (4,325)

CLP had no liabilities. What are Andrew's initial basis, allowed losses, and ending at- risk amount?

  1. Carson had the following itemized deductions in 2013:

State income taxes 1500

Charitable contributions 9,900

Mortgage interest (personal residence) 12,000

Medical expenses[8000-(10%x75,000)] 500

Miscellaneous (2200-[2%x75,000]) 700

a. What are Carson's itemized deductions for AMT purposes?

b. What is the amount of the AMT adjustment?

  1. William is not...
Carson had
solarc

1 Answer

S
Answered by 1 year ago
0 points

Oh Snap! This Answer is Locked

Carson had the following itemized deductions in 2013

Thumbnail of first page

Excerpt from file: 36.In2013Andrewcontributedequipmentwithanadjustedbasisof20,000andaFMVof18,000toConstruction LimitedPartnership(CLP)inreturnfora3%limitedpartnershipinterest.AndrewssharesofCLPincomeandlosses fortheyearwereasfollows: Interest500 Dividends300 Capitalgains900 Ordinaryloss(4,325)...

Filename: carson-had-the-following-itemized-deductions-in-2013-81.doc

Filesize: < 2 MB

Downloads: 0

Print Length: 3 Pages/Slides

Words: 105

Your Answer

Surround your text in *italics* or **bold**, to write a math equation use, for example, $x^2+2x+1=0$ or $$\beta^2-1=0$$

Use LaTeX to type formulas and markdown to format text. See example.

Sign up or Log in

  • Answer the question above my logging into the following networks
Sign in
Sign in
Sign in

Post as a guest

  • Your email will not be shared or posted anywhere on our site
  •  

Stats
Views: 10
Asked: 1 year ago

Related