Required information Problem 20-75 (LO 20-5, LO 20-6) (Algo) [The following information applies to the questions displayed below.] Juan Diego began the year with a tax basis in his partnership interest of $50,000. During the year, he was allocated $38,000 of partnership ordinary business income, $100,000 of 1231 losses, and $100,000 of short-term capital losses and received a cash distribution of $50,000. (Do not round intermediate calculations.) Problem 20-75 Part a (Algo) a. What items related to these allocations does Juan Diego actually report on his tax return for the year? [Hint. See Reg. 1.704-1(d)(2) and Rev. Rul. 66-94.] Amount Deducted Currently