Saturday, December 31, 2011

4% interest in a limited partnership?

I am doing a tax case for school and this married couple have a 4% interest in a limited partnership. They are looking at a ordianry loss of $2100, long-term capital gain of $600, charitable contributions of $500, and cash distributions of $2400. What are the tax effects on this and which form would it go on? ... I was thinking there was supposed to be a certain % for limited partnerships to realize a gain or loss, but I don't remember???

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