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K-1 Loss and Tips Credit
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Moine
Level 1
09-20-2024
05:19 PM
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Hello,
Our client is 100% owner of a restaurant, and he materially participated in the business activities, he received a K-1 with loss and credit for tips (line 13), His basis of the business is zero when inputting the K-1 in the systems, his ordinary loss is suspended but allowing the tips credit, do you think I am doing right, please advise and thank you in advance.
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