Rubio recently invested $25,600 (tax basis) in purchasing a limited partnership interest in which he will have no management rights in the company. his at-risk amount is $18,500. in addition, rubio’s share of the limited partnership loss for the year is $28,650, his share of income from a different limited partnership was $8,350, and he had $50,800 in wage income and $19,800 in long-term capital gains. (input all amounts as positive values.)
a. how much of rubio's $28,650 loss is allowed considering only the tax basis loss limitations? allowable loss
b. how much of the loss from part (a) is allowed under the at-risk limitations? allowable loss
c. how much of rubio’s $28,650 loss from the limited partnership can he deduct in the current year considering all limitations? current year
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Rubio recently invested $25,600 (tax basis) in purchasing a limited partnership interest in which he...
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