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3. In 2020, Ashley invests $26,000 for an interest in a partnership engaged in distributing educational computer software. Ashley is a material participant, and her

3. In 2020, Ashley invests $26,000 for an interest in a partnership engaged in distributing educational computer software. Ashley is a material participant, and her share of the 2020 partnership loss is $37,000. Discuss the tax treatment of her share of the loss and compute her at-risk basis.

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