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Discussion Forum Index --> Basic Tax Questions --> Oil and Gas General Partner in S Corp
Discussion Forum Index --> Tax Questions --> Oil and Gas General Partner in S Corp
Diego (talk|edits) said:
| 17 October 2009
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| Client sole owner of s corp. He wants to invest in a oil and gas partnership as a general partner. Has anyone exxperienced any problems doing this through an s corporation and then passing through the 85% of intangible drilling costs to the 1040.
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R2 (talk|edits) said:
| 18 October 2009
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| Since liability is limited, this would appear to be a passive loss.
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Larryfred (talk|edits) said:
| 30 October 2009
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| I hate to butt in however, if I understand your question, you stated he would be a general partner. A general partner's loss is not limited. A limited partner's losses are limited.?????
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LH2004 (talk|edits) said:
| October 30, 2009
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| The question implied that the S corporation would be general partner. That makes the activity passive to the shareholder if the S corporation limits his losses, which it may or may not do.
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