Читать книгу Taxation Essentials of LLCs and Partnerships - Larry Tunnell - Страница 28

Lucy and Ethel are equal 50% partners in the LE Partnership. This year, Lucy incurred net capital losses of ($2,000) from the sale of stock (outside the partnership). Ethel realized a net capital gain of $4,500. In addition, the LE Partnership incurred a net capital loss of ($10,000). Lucy's share of this loss is ($5,000), as is Ethel's. On their individual tax returns, however, Lucy will be able to deduct only ($1,000) of her share of this loss because she already had ($2,000) of net capital losses before considering her share of the partnership loss. Individuals are not allowed to carry net capital losses back but may carry them forward indefinitely. Therefore, Lucy will carry the remaining ($4,000) net capital loss forward to next year. Ethel, on the other hand, can deduct her entire ($5,000) share of the partnership's net capital loss. When added to her net capital gains of $4,500 generated outside the partnership, Ethel's total net capital loss is only ($500), well within the ($3,000) annual limit.

There are many items of income, gain, loss, or deduction that may be subject to similar limitations or special treatment on the partners' individual tax returns. For example, charitable contributions are subject to limitations on the returns of individuals and corporations. Similarly, the Section 179 deduction available to individuals is subject to annual limitations. Losses from rental real estate are subject to the passive loss rules. To allow these limitations to be applied properly on the partners' tax returns, each partner's share of these items must be reported separately from other partnership taxable income.