Alfonso began the year with a tax basis in his partnership Interest of $28,000. His share of partnership liabilities at the beginning and end of the year consists of $6,000 of recourse liabilities and $8,000 of nonrecourse liabilities. During the year, he was allocated $45,000 of partnership ordinary business loss. Alfonso does not materially participate in this partnership, and he has $4,000 of passive income from other sources. Problem 20-73 Part a (Algo) a. How much of Alfonso's loss is limited by his tax basis? Loss limited by his tax basis Alfonso began the year with a tax basis in his partnership interest of $28,000. His share of partnership liabilities at the beginning and end of the year consists of $6,000 of recourse liabilities and $8,000 of nonrecourse liabilities. During the year, he was allocated $45,000 of partnership ordinary business loss. Alfonso does not materially participate in this partnership, and he has $4,000 of passive income from other sources. Problem 20-73 Part b (Algo) b. How much of Alfonso's loss is limited by his at-risk amount? Loss limited by his at-risk amount Alfonso began the year with a tax basis in his partnership interest of $28,000. His share of partnership liabilities at the beginning and end of the year consists of $6,000 of recourse liabilities and $8,000 of nonrecourse liabilities. During the year, he was allocated $45,000 of partnership ordinary business loss. Alfonso does not materially participate in this partnership, and he has $4,000 of passive income from other sources. Problem 20-73 Part c (Algo) c. How much of Alfonso's loss is limited by the passive activity loss rules? Loss limited by passive activity loss rules