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Author: honeydog Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 118626  
Subject: negative capital -tax liability? Date: 2/1/2001 12:49 PM
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LLC partners invested 50/50 capital in real estate venture gone bad. Partnership allocated 10% of profit/loss to non resident alien partner and 90% to resident. Following years of losses, LLC now has no assets but partners captitl account is + 140K for non resident and -130K for resident. Can a situation ever occur where resident partner will be taxed for his negative capital?
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