GH Partnership

by | Aug 17, 2021 | Assignment

George and Helen do business as the GH Partnership, sharing profits and losses equally. George is a material participant in the partnership, and the partnership has no outstanding debt. All parties use the calendar year for tax purposes. On January 1 of the current year, George’s basis and at-risk amount in the partnership was $25,000; he made no withdrawals from the partnership during the year. If the partnership sustained an operating loss of $90,000 in the current year, George’s personal income tax return should include:a.

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