Problem: Module 7 Textbook Problem 5 Learning Objectives: - 7.6 Adjust the tax bosis in a partnership interest - 7-7 Apply the basis limitation on the deduction of partnership losses This year, individual Kale and individual Spinach formed Leafy Green Partnership. Kale contributed $71,000 cash, and Spinach contributed business assets with a $71,000 FMV. Spinach's adjusted basis in these assets was only $14,200. The parthership agreement provides that income and loss will be divided equally between the two partners. Parthership operations for the year generated a $51,400 loss. Required: How much loss may each partner deduct currently, and what basis wal each partner have in her interest at the beginning of next year? Determine the loss each partner can deduct currently considering the basis loss limitation, but no other loss limitations, (Losses and deductions should be entered os negotive numbers.)