Required information (The following information applies to the questions displayed below.) Alfonso began the year with a tax basis in his partnership Interest of $50,000. His share of partnership debt at the beginning and end of the year consists of $3,000 of recourse debt and $7,000 of nonrecourse debt. During the year, he was allocated $65,000 of partnership ordinary business loss. Alfonso does not materially participate in this partnership and he has $1,000 of passive income from other sources. How much of Alfonso's loss is limited by the passive activity loss rules? Loss limited by passive activity loss rules Required information (The following information applies to the questions displayed below.) Alfonso began the year with a tax basis in his partnership Interest of $50,000. His share of partnership debt at the beginning and end of the year consists of $3,000 of recourse debt and $7,000 of nonrecourse debt. During the year, he was allocated $65,000 of partnership ordinary business loss. Alfonso does not materially participate in this partnership and he has $1,000 of passive income from other sources. How much of Alfonso's loss is limited by the passive activity loss rules? Loss limited by passive activity loss rules