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! Required information [The following information applies to the questions displayed below.] Juan Diego began the year with a tax basis in his partnership
! Required information [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 $41,000 of partnership ordinary business income, $130,000 of $1231 losses, and $70,000 of short-term capital losses and received a cash distribution of $50,000. (Do not round intermediate calculations.) b. If any deductions or losses are limited, what are the carryover amounts, and what is their character? [Hint. See Reg. 1.704-1(d).] $1231 losses Short-term capital losses
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