11. Limited partner Shirley Done invested $50,000. Her share of the limited partnership loss is $40,000. Discuss what, in any, are limits on deducting this loss.

12. Able contributed cash of $50,000 for 50 shares, Baker contributed land (fmv $25,000, basis $20,000) for 25 shares, and Charles contribute services worth $25,000 for 25 shares in ABC Corporation. Discuss the tax consequences to each shareholder.