The following question was posed to me and I didn't have a clue -
Individual is a partner in "Partnership A" that sponsors a Profit Sharing Plan.
Same individual is also a partner in "Partnership B" that does not sponsor a plan.
Individual has earned income from Partnership A and a loss from Partnership B - with a total net loss for income tax purposes. Does the net loss affect this individual's ability to deduct his Profit Sharing contribution received from Partnership A?
(For purposes of this question, assume no controlled group or ASG issues.)
Thanks for any and all responses!