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 $40,000. During the year, he was allocated $34,000 of partnership ordinary business income, $100,000 of $1231 losses, and $100,000 of short-term capital losses and received a cash distribution of $40,000. (Do not round intermediate calculations.) If any deductions or losses are limited, what are the carryover amounts, and what is their character? [Hint See Reg. 91.704-1(d).] Section 1231 losses Short-term capital gains