Juan Diego began the year with a tax basis in his partnership interest of $50,800. During the year, he was allocated $20,320 of partnership ordinary business income, $71,120 of $1231 losses, and $30,480 of short-term capital losses and received a cash distribution of $50,800. Note: Do not round intermediate calculations. b. If any deductions or losses are limited, what are the carryover amounts, and what is their character? [Hint See Regulations 1.704- 1(d).] 1231 losses Short-term capital losses