At the beginning of 2018, Ms. P purchased a 15 percent interest in PPY Partnership for $23,000. Ms. P's Schedule K-1 reported that her share of PPY's debt at year-end was $17,000, and her share of ordinary loss was $36,550. On January 1, 2019, Ms. P sold her interest to another partner for $2,500 cash. a. How much of her share of PPY's loss can Ms. P deduct on her 2018 return? b. Compute Ms. P's recognized gain on sale of her PPY interest. c.How would your answers to parts a and b change if PPY were an S corporation instead of a partnership? Answer is not complete. Complete this question by entering your answers in the tabs below. Required ARequired B Required C How much of her share of PPY's loss can Ms. P deduct on her 2018 return? Deauction 5 3.450 Required A Required B > At the beginning of 2018, Ms. P purchased a 15 percent interest in PPY Partnership for $23,000. Ms. P's Schedule K-1 reported that her share of PPY's debt at year-end was $17,000, and her share of ordinary loss was $36,550. On January 1, 2019, Ms. P sold her interest to another partner for $2,500 cash. a. How much of her share of PPY's loss can Ms. P deduct on her 2018 return? b. Compute Ms. P's recognized gain on sale of her PPY interest. c. How would your answers to parts a and b change if PPY were an S corporation instead of a partnership? Answer is not complete. Complete this question by entering your answers in the tabs below. Required A Required B Required C Compute Ms. P's recognized gain on sale of her PPY interest. Gain recognized $ 3,450 K Required A Required C> At the beginning of 2018, Ms. P purchased a 15 percent interest in PPY Partnership for $23,000. Ms. P's Schedule K-1 reported that her share of PPY's debt at year-end was $17,000, and her share of ordinary loss was $36,550. On January 1, 2019, Ms. P sold her interest to another partner for $2,500 cash. a. How much of her share of PPY's loss can Ms. P deduct on her 2018 return? b. Compute Ms. P's recognized gain on sale of her PPY interest. c. How would your answers to parts a and b change if PPY were an S corporation instead of a partnership? Answer is not complete. Complete this question by entering your answers in the tabs below. Required A Required B Reqred C How would your answers to parts a and b change if ppy were an S corporation instead of a partnership? Deduction Gain recognized Required B RequiredC