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The DKC Partnership, which is not a publicly traded partnership or a rental real estate partnership, was formed on January 1, 2011. DKC incurred a $24,000 loss for the year ending December 31, 2011 and had no income. The three partners share profits and losses equally. Ms. K is a passive investor in DKC. She contributed $3,000 to the partnership on January 1, 2011, and an additional $5,000 during 2011. Ms. K had draws totaling $1,000 during 2011. What is Ms. K's deductible loss from DKC for 2011, if she had $4,500 in income from other passive investments?

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M956373

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