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Question
Samantha is the general partner and Jack and Jared are the limited partners of Profiler Limited Partnership. Samantha has contributed capital of $30,000 to the partnership, Jack has contributed $150,000, and Jared has contributed $120,000. They have not agreed on how to share profits or losses. Profiler incurs a loss of $90,000 in its first year. What is Jack's share of the loss? If Jack has a total income of $225,000 from other sources and an income of $15,000 from other passive investments, how much of the loss may he deduct on his federal income tax return?
Answer
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