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Please help identify issues for Income Tax Accounting

In the current year, David and Debbie Wayland, both successful physicians, made a cash investment for a limited partnership interst in a California berry farm. In addition to the cash obtained from the investors, managment borrowed a substantial sum to purchase assets necessary for the farm's operations. the Waylands' investment advisor told them that their share of the tax loss in the first year alone would be in excess of their initial cash investment. This would be followed by several more years of losses. They feeel confident that their interest in the berry farm is a sound investment.

Identify the tax issues facing the Waylands.

Accounting Basics, Accounting

  • Category:- Accounting Basics
  • Reference No.:- M947570

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