Taxation: Records for basis, limitations and carryover items
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As a tax professional, how would you advise a taxpayer about how to keep track of basis, at risk limitations, and passive activity limitation rules in a partnership interest?
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Solution Summary
The 251 word solution lists three points for the discussion about how taxpayers can manage certain complexities in their personal income tax returns.
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In my accounting practice, I found that taxpayers with complexities such as basis, at risk or PAL limitations usually relied on their tax preparers to keep track of carryovers and unused losses. The best I could do was to explain what those items were and how they could or would be used as part of an individual's tax planning.
The second best thing I could do was to have a tax ...
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