Juan Diego began the year with a tax basis in his partnership Interest of $40,000. During the year, he was allocated $34,000 of partnership ordinary business income, $110,000 of 51231 losses, and $90,000 of short-term capital losses and received a cash distribution of $40,000. (Do not round Intermediate calculations.) Problem 15-75 Part a (Algo) a. What Items related to these allocations does Juan Diego actually report on his tax return for the year? | Hint See Reg. 51.704-10)(2) and Rev. Rul. 66-94.) Amount Deducted Currently $1231 losses Short-term capital losses Juan Diego began the year with a tax basis in his partnership interest of $40,000. During the year, he was allocated $34,000 of partnership ordinary business income, $110,000 of 51231 losses, and $90,000 of short-term capital losses and received a cash distribution of $40,000. (Do not round intermediate calculations.) Problem 15-75 Part b (Algo) b. If any deductions or losses are limited, what are the carryover amounts, and what is their character? (Hint See Reg. $1.704-1(d)) $1231 losses Short-term capital losses