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1 Required information [The following information applies to the questions displayed below.) Rubio recently invested $23,500 (tax basis) in purchasing a limited partnership interest. His

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Required information [The following information applies to the questions displayed below.) Rubio recently invested $23,500 (tax basis) in purchasing a limited partnership interest. His at- risk amount is $17.450. In addition, Rubio's share of the limited partnership loss for the year is $26,550, his share of income from a different limited partnership is $5,525, and he has $43,500 in wage income and $11,750 in long-term capital gains. a. How much of Rubio's $26,550 loss is allowed considering only the tax-basis loss limitations? Loss allowed as per tax basis loss limitation b. How much of the loss from part (a) is allowed under the at-risk limitations? Loss allowed as per at-risk limitation c. How much of Rubio's $26,550 loss from the limited partnership can he deduct in the current year considering all limitations? Deductible loss

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