Carson had the following itemized deductions in 2013

Carson had the following itemized deductions in 2013

Asked by 2 years ago
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  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

1 Answer

Answered by 2 years ago
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Oh Snap! This Answer is Locked

Carson had the following itemized deductions in 2013

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

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Views: 17
Asked: 2 years ago