Ming recently invested $11,000 in purchasing a limited partnership interest. His share of the debt in the partnership is $3,000, but he is not personally responsible for paying the debt in the event the partnership cannot pay it. In addition, Mings share of the limited partnership loss for the year is $12,000, his share of income from a different limited partnership was $3,000 and he had $7,000 of dividend income from the stock he owns.

a. What is Mings tax basis in the limited partnership after considering his $12,000 loss for the year?

b. What is Mings at-risk amount in the limited partnership after considering the $12,000 loss for the year?

c. How much of Mings $12,000 loss from the limited partnership can he deduct in the current year?