John, a limited partner of Candy Apple, LP, is allocated $35,500 of ordinary business loss from the
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John, a limited partner of Candy Apple, LP, is allocated $35,500 of ordinary business loss from the partnership. Before the loss allocation, his tax basis is $25,500 and at-risk amount is $15,500. John also has ordinary business income of $25,500 from Sweet Pea, LP as a general partner and ordinary business income of $8,900 from Red Tomato, as a limited partner. How much of the $35,500 loss from Candy Apple can John deduct currently?
8,900
15,500
26,600
35,500
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