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15) H has beginning basis in his partnership interest of $500. During the year H is allocated $100 of partnership income, $500 of partnership losses,
15) H has beginning basis in his partnership interest of $500. During the year H is allocated $100 of partnership income, $500 of partnership losses, and receives a cash distribution of $400. What amount of the partnership losses, if any, will H be able to recognize in the current tax year? Please explain how you get the answer
A) $500
B) $400
C) $300
D) $200
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