Jenkins has a one-third capital and profits interest in the maverick general partnership. on january 1, year 1, maverick has $120,000 of general debt obligations and jenkins has a $50,000 tax basis (including his share of maverick’s debt) in his partnership interest. during the year, maverick incurred a $30,000 nonrecourse debt that is not secured by real estate. because maverick is a rental real estate partnership, jenkins is deemed to be a passive participant in maverick. his share of the maverick losses for year 1 is $75,000. jenkins is not involved in any other passive activities, and this is the first year he has been allocated losses from maverick

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two years ago, when picking flowers in the mountains back of yosemite valley, i found a book. it was blotted and storm-beaten; all of its outer pages were mealy and crumbly. the paper seemed to dissolve like the snow beneath which it had been buried, however; many of the inner pages were well preserved. and although all were more or less stained and torn, whole chapters were easily readable. this is the condition of the great open book of yosemite glaciers today; its granite pages have been torn and blurred by the same storms that wasted the castaway book.

two years ago, when picking flowers in the mountains back of yosemite valley; i found a book. it was blotted and storm-beaten, all of its outer pages were mealy and crumbly. the paper seemed to dissolve like the snow beneath which it had been buried, however, many of the inner pages were well preserved. and although all were more or less stained and torn; whole chapters were easily readable. this is the condition of the great open book of yosemite glaciers today, its granite pages have been torn and blurred by the same storms that wasted the castaway book.