How long can a partnership carry over at-risk losses?
Although partnerships are not required to file Form 6198, the instructions to the form state the partnerships and S corporations must give their partners and shareholders a separate statement of income, expenses, and deductions for each at-risk and non-at-risk activity. If a partner cannot deduct partnership losses because of the at-risk limitations, the losses are carried forward indefinitely; and the losses become deductible when the partner has a sufficient amount at risk to deduct the losses. This white papers provides worksheets for calculating deductible at-risk losses and tracking of suspended at-risk losses; as well as reviews the effect of transfer of interest on suspended at-risk losses.
Agenda
Faculty
John R. Dundon, II, EA
Taxpayer Advocacy Services, Inc.
- A Fellow of the National Tax Practice Institute and his services are focused exclusively on complicated tax matters and negotiating reasonable settlements with taxing authorities
- As a Federally Authorized Tax Practitioner and a tax appeals specialist, his focus is to resolve tax matters and reconcile tax disputes for individuals and businesses with federal and/or state issues
- An IRS Examination/Collection/Appeals Specialist
- Has served in one capacity or another on the leadership teams of the Colorado Society of Enrolled Agents and the National Association of Enrolled Agents
- M.B.A. degree, University of Minnesota Carlson School Of Management; B.S. degree in business administration, Marquette University
- Available in person within the greater Denver area and represents people all over the world with matters before the IRS and State Revenue/Taxation Departments
- Can be contacted at 720-234-1177, [email protected] or on Twitter® @JohnRDundon
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