For the questions below, draft a one-page memorandum, providing answers to the questions supported by the research authority indicated. Provide citations to the authority used. Marla Simone began 2019 with a tax basis in her partnership interest of $62,000. During the year, she was allocated $20,000 of partnership ordinary business income, $67,000 of section 1231 losses, and $28,000 of short-term capital losses. Marla received a cash distribution of $50,000. a. Related to these allocations, what items will Marla actually report on her tax return for 2019? [Hint-see Treasury Regulation section 1.704-1(d) and Rev. Rul. 66-94] b. If any deductions or losses are limited, what are the carryover amounts and what is their character? [Hint-see Treasury regulation section 1.704-1(d)] The format of the memorandum should be as follows. MEMORANDUM TO FILE Client Name Prepared by (list your name or group member names) Facts Tax issue(s) Conclusion, with research authority For the questions below, draft a one-page memorandum, providing answers to the questions supported by the research authority indicated. Provide citations to the authority used. Marla Simone began 2019 with a tax basis in her partnership interest of $62,000. During the year, she was allocated $20,000 of partnership ordinary business income, $67,000 of section 1231 losses, and $28,000 of short-term capital losses. Marla received a cash distribution of $50,000. a. Related to these allocations, what items will Marla actually report on her tax return for 2019? [Hint-see Treasury Regulation section 1.704-1(d) and Rev. Rul. 66-94] b. If any deductions or losses are limited, what are the carryover amounts and what is their character? [Hint-see Treasury regulation section 1.704-1(d)] The format of the memorandum should be as follows. MEMORANDUM TO FILE Client Name Prepared by (list your name or group member names) Facts Tax issue(s) Conclusion, with research authority