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Thank you, yes I pretty much answered my question as a result of asking it. :]
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In a K-1 for a general partner, if box 1 income and guaranteed payments to partners add up to the same amount shown in Box 14 A self-employment income, isn't th...
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Was that the case even though the client had other passive income? My client has plenty of other passive income and I had expected passive offsets passive. Than...
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That was my belief as well. The client has substantial net positive passive income.
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He has substantial basis in the partnership - many times the loss amount- but it's an investment, so he does not materially participate in the enterprise. Thank...