Solved: Lewis owned an lp interest in kate partners lp he did not, Accounting Basics

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Lewis owned an lp interest in kate partners lp he did not

Lewis owned an LP interest in Kate Partners, LP. He did not materially participate in the activity. On the date he gifted the Kate partnership interest to his son, Travis, his basis was $25,000. Suspended losses amounted to $15,000 as of that date. What is Travis's adjusted basis in the gift? Show your work

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Accounting Basics: Lewis owned an lp interest in kate partners lp he did not

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Accounting Basics: Lewis owned an lp interest in kate partners lp he did not

Reference No:- TGS02564063

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