Joe is a partner in Above the Clouds, LLC in which he actively participates. His 2021 K-1 showed his share of the loss t
Posted: Sun Jul 03, 2022 3:51 pm
Joe is a partner in Above the Clouds, LLC in which he activelyparticipates. His 2021 K-1 showed his share of the loss to be($54,000). His basis in the partnership prior to the current yearloss was $48,000. Joe’s K-1 also reported his share of interestincome to be $1,100. What is the gain or loss on sale of Above theClouds LLC?