tax consequences

Instructions: Identify the tax issue(s) suggested by the following situation and state each issue in the form of a question. List as many tax research issues as you can to determine the tax consequences of the following transaction.

Do NOT attempt to answer any of the questions you raise.

Jorge, a limited partner in the EFJ Partnership, has a 20% interest in partnership capital, profits, and losses. His basis in the partnership interest is $20,000 before accounting for events from the current year. In December of the current year, the EFJ Partnership repaid a $100,000 nonrecourse liability. The partnership earned $20,000 of ordinary income this year. What tax issues should Jorge consider with respect to reporting the results of this year’s activities for the EFJ Partnership on his personal return?

P(1)

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