Juan Diego began the year with a tax basis in his partnership interest of $40,000. During the year, he was allocated $32,000 of partnership ordinary business income, $90,000 of 1231 losses, and $110,000 of short-term capital losses and received a cash distribution of $40,000. (Do not round intermediate calculations.) a. What items related to these allocations does Juan Diego actually report on his tax return for the year? [Hint See Reg. 1.704-1(d)(2) and Rev. Rul. 66-94.] Section 1231 losses Short-term capital losses Amount Deducted Currently $ 17,000