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! Required information [ The following information applies to the questions displayed below. ] Alfonso began the year with a tax basis in his partnership
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The following information applies to the questions displayed below.
Alfonso began the year with a tax basis in his partnership interest of $ His share of partnership liabilities at the
beginning and end of the year consists of $ of recourse liabilities and $ of nonrecourse liabilities. During the
year, he was allocated $ of partnership ordinary business loss. Alfonso does not materially participate in this
partnership, and he has $ of passive income from other sources.
c How much of Alfonso's loss is limited by the passive activity loss rules?
Loss limited by passive activity loss rules
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