At the beginning of 2021, Ms. Pope purchased a 20 percent interest in PPY Partnership for $24,000. Ms. Pope's Schedule K-1 reported that her share of PPY's debt at year-end was $18,000, and her share of ordinary loss was $37,200. On January 1, 2022, Ms. Pope sold her interest to another partner for $2,600 cash. Required: a. How much of her share of PPY's loss can Ms. Pope deduct on her 2021 return? b. Compute Ms. Pope'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? Complete this question by entering your answers in the tabs below. Required A Required B Required c nces How much of her share of PPY's loss can Ms. Pope deduct on her 2021 return? Deduction Required A Required B At the beginning of 2021, Ms. Pope purchased a 20 percent interest in PPY Partnership for $24,000. Ms. Pope's Schedule K-1 reported that her share of PPY's debt at year-end was $18,000, and her share of ordinary loss was $37,200. On January 1, 2022, Ms. Pope sold her interest to another partner for $2,600 cash. Required: a. How much of her share of PPY's loss can Ms. Pope deduct on her 2021 return? b. Compute Ms. Pope'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? Complete this question by entering your answers in the tabs below. Required A Required B Required -5 Compute Ms. Pope's recognized gain on sale of her PPY interest. Gain recognized At the beginning of 2021, Ms. Pope purchased a 20 percent interest in PPY Partnership for $24,000. Ms. Pope's Schedule K-1 reported that her share of PPY's debt at year-end was $18,000, and her share of ordinary loss was $37,200. On January 1, 2022, Ms. Pope sold her interest to another partner for $2,600 cash. Required: a. How much of her share of PPY's loss can Ms. Pope deduct on her 2021 return? b. Compute Ms. Pope'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? Complete this question by entering your answers in the tabs below. Required A Required B Required How would your answers to parts a and b change if PPY were an Scorporation instead of a partnership? Amount Deduction Gain recognized (Required B Required