Partners dealings with partnership
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James is a 50% partner in JL Partnership. James sells land at a loss of $20,000 to the partnership. Do you agree that James's loss involving the sale of the land to the partnership should be disallowed on his Form 1040? Why or why not?
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Solution Summary
This solution is an opinion backed by tax regulations concerning a partners dealings with a partnership.
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Yes, the loss on the land sold to a partnership in which the seller has a 50% interest should be disallowed on his Form 1040.
First the transaction is not " At Arms ...
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