1a

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? Answer is complete but not entirely correct. Loss allowed as per tax basis loss limitation S 80.800 + b. How much of the loss from part (a) is allowed under the at-risk limitations? Answer is complete but not entirely correct. Loss allowed as per at-risk limitation $ 27,138 c. How much of Rubio's $26.550 loss trom the limited partnership can be deduct in the current year considering all limitations? Answer is complete but not entirely correct Deductible lot 462503