Required information Problem 7-60 (LO 7-4) (Static) [The following information applies to the questions displayed below.]...

Transcribed Image Text:

Required information Problem 7-60 (LO 7-4) (Static) [The following information applies to the questions displayed below.] Rubio recently invested $20,000 (tax basis) in purchasing a limited partnership interest in which he will have no management rights in the company. His at-risk amount is $15,000. In addition, Rubio's share of the limited partnership loss for the year is $22,000, his share of income from a different limited partnership is $5,000, and he has $40,000 in wage income and $10,000 in long-term capital gains. Problem 7-60 Part-c (Static) c. How much of Rubio's $22,000 loss from the limited partnership can he deduct in the current year considering all limitations? Deductible loss Required information Problem 7-60 (LO 7-4) (Static) [The following information applies to the questions displayed below.] Rubio recently invested $20,000 (tax basis) in purchasing a limited partnership interest in which he will have no management rights in the company. His at-risk amount is $15,000. In addition, Rubio's share of the limited partnership loss for the year is $22,000, his share of income from a different limited partnership is $5,000, and he has $40,000 in wage income and $10,000 in long-term capital gains. Problem 7-60 Part-c (Static) c. How much of Rubio's $22,000 loss from the limited partnership can he deduct in the current year considering all limitations? Deductible loss