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Business & farm
@easyxpress wrote:I had read this tax codes (few levels up) and don't see there's a way to recognize such loss except in liquidation of a partner's interest.
You have to read (carefully) the posts by @Anonymous with respect to distributions and material participation, the latter of which you have presumed existed in your hypothetical.
That being the case, a loss can be recognized assuming the partner has sufficient basis.
‎November 27, 2020
5:49 AM
2,556 Views