1. Larry recently invested $26,500 (tax basis) in purchasing a limited partnership interest in which he will have no management rights in the company. His at-risk amount is also $26,500. In addition, Larry's share of the limited partnership loss for the year is $2,325, his share of income from a different limited partnership is $1,130, and he has $3,650 of dividend income from the stock he owns. How much of Larry's $2,325 loss from the limited partnership can he deduct in the current year?

2.

Matt and Meg Comer are married and file a joint tax return. They do not have any children. Matt works as a history professor at a local university and earns a salary of $69,500. Meg works part time at the same university. She earns $43,500 a year. The couple does not itemize deductions. Other than salary, the Comers' only other source of income is from the disposition of various capital assets (mostly stocks). (Use the tax rate schedules,Dividends and Capital Gains Tax Rates.)

b. What is the Comers' tax liability for 2023 if they report the following capital gains and losses for the year? What is the total tax liability?

Short-term capital gains	$ 1,750
Short-term capital losses	0
Long-term capital gains	13,100
Long-term capital losses	(10,100)