Required information Problem 7-60 (LO 7-4) (Algo) [The following information applies to the questions displayed below.] Rubio recently invested $22,500 (tax basis) in purchasing a limited partnership interest in which he will have no management rights in the company. His at-risk amount is $16,750. In addition, Rubio's share of the limited partnership loss for the year is $25,250, his share of income from a different limited partnership is $5,375, and he has $42,500 in wage income and $11,250 in long-term capital gains. Problem 7-60 Part-a (Algo) a. How much of Rubio's $25,250 loss is allowed considering only the tax-basis loss limitations? Loss allowed as per tax basis loss limitation

Required information Problem 7.60 (LO 7-4) (Algo) [The following information applies to the questions displayed below] Rubio recently invested $22,500 (tax basis) in purchasing a limited partnership interest in which he will have no management rights in the company. His at-risk amount is $167750. In addition, Rubio's share of the limited partnership loss for the year is $25,250, his share of income from a different limited partnership is $5,375, and he has $42,500 in wage income and $11,250 in long-term capital gains Problem 7-60 Part-a (Algo) a. How much of Rubio's $25.250 loss is allowed considering only the tax-basis loss limitations