Kelly is a passive investor (does not participate at all) in a partnership
Investment amount 1/1/20							$80,000
Share of partnership debt as of 12/31/22							$100,000
Share of partnership income/loss:
2020							$(140,000)
2021							$ (10,000)
2022							$80,000
Determine the amount that Kelly can deduct of the partnership 2020 and 2021 losses
Determine the amount that Kelly must include of the partnership 2022 income