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Required information [The following information applies to the questions displayed below.] Rubio recently invested $31,500 (tax basis) in purchasing a limited partnership interest. His at-risk

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Required information [The following information applies to the questions displayed below.] Rubio recently invested $31,500 (tax basis) in purchasing a limited partnership interest. His at-risk amount is $23,050. In addition, Rubio's share of the limited partnership loss for the year is $36,950, his share of income from a different limited partnership is $6,725, and he has $51,500 in wage income and $15,750 in long-term capital gains. a. How much of Rubio's $36,950 loss is allowed considering only the tax-basis loss limitations? Loss allowed as per tax basis loss limitation

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