Juan Diego began the year with a tax basis in his partnership interest of $$53,800.$ During the year, he was allocated $$21,520$ of partnership ordinary business income, $$75,320$ of $1231$ losses, and $$32,280$ of short$-$term capital losses and received a cash distribution of $$53,800.$

Note: 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 Regulations $1\mathrm{.}704-1($d$)(2)$ and Revenue Rule $66-94.]$

b$.$ If any deductions or losses are limited$,$ what are the carryover amounts, and what is their character? $[$Hint: See Regulations $1\mathrm{.}704-1($d$).]!$

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$[$The following information applies to the questions displayed below.$]$

Juan Diego began the year with a tax basis in his partnership interest of $$53,800.$ During the year, he was allocated

$$21,520$ of partnership ordinary business income, $$75,320$ of $$1231$ losses, and $$32,280$ of short$-$term capital losses and

received a cash distribution of $$53,800.$

Note: 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 Regulations $$1\mathrm{.}704-$

$1($d$)(2)$ and Revenue Rule $66-94.]$

PLEASE RESPOND TO ALL PARTS OF QUESTION ASKED. THANK YOU!