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Can you explain in words how to answer these questions? thank you! Gino is single and is a partner in a partnership. The partnership has
Can you explain in words how to answer these questions? thank you!
Gino is single and is a partner in a partnership. The partnership has a loss this year and Gino's share of the loss is $750,000.//This is a passive investment for Gino and he has $500,000 of other passive income. Gino's basis in his interest is $650,000 and his at-risk amount is $600,000. Can Gino deduct this loss? Gino also has a sole proprietorship with a loss of $200,000 this year. How much loss can Gino report on his tax returnStep by Step Solution
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