As of January 1, 2021, Norman has a basis of $85,000 in his 30% capital interest in the Plata Partnership. He and the partnership use the calendar year for tax purposes. The partnership incurs an operating loss of $440,000 for 2021 and a profit of $285,000 for 2022. If an amount is zero, enter "O". a. Norman recognizes $ 132,000 X of loss in 2021. b. Norman recognizes $ 38,500 of reportable income for 2022. Feedback Check My Work The partnership's ordinary income or loss and each of the items requiring separate treatment are reported in the partnership's information return and allocated to the partners in accordance with their distributive shares. A partner's deduction of the distributive share of partnership losses could be limited. C. Norman's basis in his partnership interest for January 1, 2022, is 47,000 d. Norman's basis in his partnership interest as of January 1, 2023, is $ 38,500 Feedback Check My Work Correct e. What year-end tax planning would you suggest to ensure that a partner could deduct all of his or her share of any partnership losses? The partnership could pay off debt to increase his or her year-end basis