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A B C D E F G H Carrey is single and a 50% limited partner in business entity A that reported a loss
A B C D E F G H Carrey is single and a 50% limited partner in business entity A that reported a loss of $300,000 in 2020. Carrey's tax basis and at-risk amounts in his investment for business entity A are $90,000 and $80,000, respectively. Carrey is also a 50% limited partner in another business entity B that reported a $100,000 profit in 2020. Determine the amount of the loss from business entity A that Carrey is allowed to deduct on his 2020 tax return. Also, determine how much of the loss from business entity A is suspended and for what reason(s). 7 points All calculations must be shown. L
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