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Hi I need help answering this question can you walk me through? Perdo owns a 50% interest in a limited partnership that operates an apartment
Hi I need help answering this question can you walk me through?
Perdo owns a 50% interest in a limited partnership that operates an apartment complex. During the current year the partnership generates a taxable rental loss of $42,000. Pedro's other sources of income are salary of $55,000 and interest of $18,000. What is Pedro's allowable loss from the apartment?
a.) 0
b.) 18,000
c.) 21,000
d.) 25,000
e.) none of the above
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