Lewis owned an LP interest in Kate Partners
Question # 00472901
Posted By:
Updated on: 01/30/2017 03:41 AM Due on: 01/30/2017
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!(Points : 15)
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Rating:
/5
Solution: Lewis owned an LP interest in Kate Partners