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PLT Dental Partnership consists of three equal partners. Joe and Jennifer are both partners and work full time in the business. Betty is a limited

PLT Dental Partnership consists of three equal partners. Joe and Jennifer are both partners and work full time in the business. Betty is a limited partner who has no personal involvement at all. Which of the following is true?

		Any profits allocated to Joe will be considered by Joe to be passive income.
		Any losses allocated to Jennifer will be subject the passive activity limitations.
		Any losses allocated to Betty by the partnership will be deductible by her as ordinary income.
		Any losses allocated to Betty will be subject to the passive activity limitations.

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