Partner a has an investment account and for 2012 he has a, Ask an Expert

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Partner A has an investment account and for 2012 he has a realized and recognized capital gain of $40,000. Partner B does not have any investment accounts, and does not have any capital gains or losses for 2012.

The partnership K-1 passes through the following items:
Partner A:Short term capital gain of $2,000
Long term capital loss of ($25,000)
Partner B:Short term capital gain of $2,000
Long term capital loss of ($25,000)

How will Partner A and Partner B report these on their personal income tax returns?

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M9955479

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