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Clint noticed that the Schedule K - 1 he just received from ABC Partnership included a $ 1 9 , 1 0 0 ordinary business
Clint noticed that the Schedule K he just received from ABC Partnership included a $ ordinary business loss allocation. His tax basis in ABC at the beginning of ABC s most recent tax year was $ Comparing the Schedule he recently received from ABC with the Schedule K he received from ABC last year, Clint noted that his share of ABC partnership debt changed as follows: recourse debt increased from $ to $ qualified nonrecourse debt increased from $ to $ and nonrecourse debt increased from $ to $ Finally, the Schedule K Clint recently received from ABC reflected a $ cash contribution he made to ABC during the year.
Clint is not a material participant in ABC Partnership, and he received $ of passive income from another investment during the same year he received the loss allocation from ABC. How much of the $ loss from ABC can Clint deduct currently, and how much of the loss is suspended because of the tax basis, atrisk, and passive activity loss limitations
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