Larry recently invested $28,000 (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 $28,000. In addition, Larry's share of the limited partnership loss for the year is $2,400, his share of income from a different limited partnership is $1,160, and he has $3,800 of dividend income from the stock he owns. How much of Larry's $2,400 loss from the limited partnership can he deduct in the current year? Deductible loss

Larry recently invested $28,000 (tax basis) in purchasing a limited partnership interest in which he will have no management rights in the company. His atrisk amount is also $28,000. In addition, Larry's share of the limited partnership loss for the year is $2,400, his share of income from a different limited partnership is $1,160, and he has $3,800 of dividend income from the stock he owns. How much of Larry's $2,400 loss from the limited partnership can he deduct in the current year